Cross-Eyeing: EUR/JPY - Close Trade
Close Trade: 2008-08-08 15:44
We are approaching the end of the trading week and it looks like the rest of the market is already gone for the day, so I've decided to take the profits and run! I am going to close my remaining position at market (165.50).
1st half: +105 pips
2nd half: +340 pips
Total: +2.23% gain
Have a great weekend!
Trade Update: 2008-08-08 15:40
What a day in currencies as we continue to see the Euro sell off! My remaining position has hit the second profit target, and as stated in the last update, I have trailed my stop and continued to ride this one down to its current level around 165.50.
I will continue to hold until the end of the day, where I will close my position and go flat into the weekend. Stay tuned!
Trade Adjustment: 2008-08-07 12:26
Looks like we caught a break today. Our position caught about 100 pips as the ECB held rates at 4.25%, but it looks like a change in rhetoric. Trichet commented on Eurozone economic growth being "particularly weak" which sent the Euro down against the majors.
Now that my position has a bit of profit, time to make some adjustments. I will:
Close half of my position at market (167.85) to lock in some profits and adjust my stop to breakeven to create a risk free trade. I will trail my stop by 100 pips.
So, if we see my ultimate profit target, I look to keep it open incase I can catch a bigger move. Stay tuned!
Trade Idea: 2008-08-06 14:06
Looks like there is another opportunity to play EUR/JPY as price action has brought the pair back to the top of the channel. Will the channeling behavior continue?
So, pretty simple play today as I look to short at the top of the channel. A couple of fundamental events to note in the next would be Japanese core machinery orders, Eurozone trade balance and industrial production data, and most notably, the EU interest rate decision. Will the ECB stay hawkish on inflation, or is an economic slowdown starting to become a concern?
I look to short at the market with a wide stop to account for upcoming data.
Short EUR/JPY at market (168.90), stop at 169.90, pt 167.00
Remember to never risk more than 1% of your account on any single position. Adjust position sizes accordingly.
Only one profit target today, which means I may hold onto this one for a bit. Stay tuned for updates and good luck!
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