Trade Closed: 2008-05-08 14:36
Our short position on EUR/JPY closed earlier today as the pair hit our second profit target at 160.00 during the Asia trading session.
1st Half: +100 pips
2nd Half: +250 pips
Total: +1.75% gain
I hope everyone did well on this trade and stay tuned for a possible new trade idea on the same pair as it looks like we may see this bad boy retrace all the way back up to 161.00. Stay tuned!
Trade Adjustment: 2008-05-07 18:40
Well, our trade hit our first profit target and half our position was closed to lock in +100 pips on EUR/JPY. Time to make a few adjustments.
Half position closed at 161.50 to lock in +100 pips. Adjust stop on remaining position to 162.00 to create a risk free trade and lock +50 pips. Trail stop by 50 pips.
We will continue to hold on as the momentum to the downside is rock’n rolling. Stay tuned for updates and adjustments. Good luck!
Trade Update: 2008-05-06 09:22
Our position was triggered at the close of yesterday’s US trading session, and after a brief push higher to 162.80, the Japanese Yen found buyers and we saw EURJPY drop down to its current levels just above 162.00.
We may see the pair stall here for a bit as round numbers tend to draw a lot of attention. We will hold for now and let price action determine if any adjustments are needed. Stay tuned and good luck!
Trade Idea: 2008-05-05 15:03
It looks like the tide may have turned in the Euro’s run against the Japanese Yen as the pair continues to trade lower after hitting 165.00 in April. I’d like to ride the trend lower as it appears the pair was unable to break the most recent peak and turned lower. Also, stochastics are in overbought territory and they appear to be turning lower.
We have lots of Eurozone data this week and ECB commentary, but the one to watch is the interest rate decision and statement on Thursday. If the ECB continues keep rates at 4.00% and remain hawkish on inflation, this may pose a problem for a short position on the Euro and we’ll have to make an adjustment then. But for now, we will continue to ride the trend until sentiment changes.
Short EUR/JPY at 162.50, stop at 163.50, pt1 at 161.50, pt2 at 160.00
Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.
Stay tuned for updates and adjustments. Good luck!