Time for a quick update on my CAD/JPY short at 92.00, an area that has held nicely despite being heavily tested. With major data coming up, I’m rolling my stop to lock in a profit.
Original Trade Idea: Forex Trade Idea: CAD/JPY Short
Since my original post, CAD/JPY managed to work its way up to the 92.00 handle, which I thought was a place that could draw in sellers to play the recent risk off move and oil weakness. It turns out the the sellers were well tested but held to push the pair back lower, even after a brief spike in oil prices earlier this week.
Now, with the market about +150 pips in my favor, I’ve decided to lock in a small profit, especially with major economic data coming my way in the form of this Friday’s monthly Canadian jobs data. Even with an expectation of drop in employment in August (potentially helping my trade further), I don’t want to take any chances since I already have a profit on the table. So, I have rolled down my stop from 94.20 to 91.00 to lock in a +100 pips gain (+0.22%) profit.
It’s up to the markets now–which have been a choppy mess thanks to a sharp rise in volatility–and nothing to do now but sit back and either watch my trade close out for a small gain or see my profits rise significantly. Stay tuned!