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Trade Closed: 2007-01-18 14:50:00

crosseyed chart

Half of our position triggered long this morning at 156.70. Pt1 was hit for +20 pips. Because we only got in with half position i decided to treat it as a full position and closed our open trade at pt1. For those who are still in the position, you are currently up +40 pips. I would move the stop to 156.90 to lock in profits and let this trade run. Good luck!

1st Half: +20 pips
2nd Half: +00 pips
Total: +20 pips

Trade Idea: 2007-01-18 08:30:00

crosseyed chart

We saw the Bank of Japan decide to keep rates at 0.25% last night, and currencies around world rallied against the Yen. Unlike our “Pick of the Day” where we thought we’d see a retracement after an initial rally and it didn’t happen, it did in EURJPY. I see it as a great opportunity to jump in this long running uptrend at a great price.

We will scale into our trade first jumping in half a position size at the 38% Fib retracement area, and then if the pair continues to drop further, we will go long another half a position size at 156.40.

Long EUR/JPY 1/2 position at 156.70, stop at 156.20, pt1 at 156.90, pt2 at 157.50


Long EUR/JPY 1/2 position at 156.40, stop at 156.20, pt1 at 156.70, pt2 at 157.50

Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.

Good luck and good trading!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.