Cross-Eyeing: EUR/JPY – Trade Closed

Trade Closed: 2007-07-18 09:10

Our long trade was closed last night as the pair retraced back to our adjusted stop level at 168.30. The pair found support at 168.00 and will probably continue to range for the rest of the day. I am still bullish on this pair, but I will probably wait until it drops back below 168.00 to enter into another long position.

Total: +55 pips

Trade Adjustments: 2007-07-17 10:00

Okay, this pair is just cruising higher, currently trading around 168.60, so I think we will adjust our stop to lock in profits.

Adjust stop to 168.30

Trade Update: 2007-07-17 08:30

Our entry order to go long at 167.75 was triggered during the European trading session on a dip. I still like this trade and plan to go for 169.00, so we will hold. Please adjust stop to breakeven to create a risk free trade.

Stay tuned for updates and adjustments as I will move stop periodically to lock in profits as our trade goes our way.

Good luck!

Trade Idea: 2007-07-16 20:52

crosseyed chart

Today I am “Cross-Eyeing” a nice little Fibonacci setup on EUR/JPY. As we can see on the chart, the pair has retraced after making a higher high on the uptrend down to the 50% Fibonacci retracement level. Stochastics are indicating that this move is oversold, and we could possibly see a return to the uptrend.

Fundamentally, there are no major currency moving events foreseen for either the Euro and the Yen, so this should play out nicely. Of course, any surprises or risk aversion would be a problem for our trade.

So, with the pair currently trading around the 38% Fibonacci area (168.00), we will wait to see if it retraces back down to the 50% and 61% level before scaling into a long position.

Long half position EUR/JPY at 167.75, stop at 167.25, pt at 169.00

and

Long half position EUR/JPY at 167.45, stop at 167.25, pt at 168.00

Please remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

  • pigactor

    I changed my stop order to lock in a big gain. I may have set it a little too high because I think it was executed, but it still turned out to be a great gain for me.

  • pigactor

    I changed my stop order to lock in a big gain. I may have set it a little too high because I think it was executed, but it still turned out to be a great gain for me.