Here’s a forex trade review on my CAD/JPY short, quickly closed after adjusting my stop this week to lock in some profits ahead of this week’s major Canadian data.
Original Trade Idea: Forex Trade Idea: CAD/JPY Short
This trade was a little lesson on being too prudent with trailing stops, but I’m okay with the adjustment I made a couple of days ago because at the time it looked like we’d get a brief relief period from the risk-off sentiment driving the markets in the last few weeks. Plus, oil was making a nice rally for a minute there that could have supported the Loonie in the short-term. And that’s exactly what we got as CAD/JPY made a brief (and small) push higher to take me out at my adjusted stop at 91.00 for a small gain.
Total: +100 pips/ +0.22% gain
Overall, I think I made the best decision at the time of adjustment, but it looks like I’m missing out on some big pips now as the market sentiment is back in fear mode ahead of the weekend. I’m still bearish on the pair in the long-term, but for now, I’ll take the weekend to re-examine my adjustment and create a new plan for next week. Stay tuned and have a great weekend!