Just a quick update on my discretionary trade position! I was able to cash in on my gains with this swing CAD/JPY short even though I’ve been spending most of my time working on my mech system lately.
Short CAD/JPY Trade
It’s been over a month already but I’ve had this wedge breakdown in sight and I hopped in on a breakdown. At that time, crude oil looked prime for further losses and risk aversion was in play, so I thought the Loonie was a good short candidate.
Lo and behold, the oil-related Loonie dropped it like it’s hot! I could only wish I was able to short at the top of the wedge then add on a breakdown, but I’m already happy with these wins!
I decided to take my profits and run after price bounced off the 81.40 area and looked prime for a pullback. I locked in a neat 450-pip gain on this swing trade, so I don’t feel all that bad about chickening out on this other short CAD idea.
It looks like fundamentals and sentiment aren’t in favor of Loonie gains at this point, but the selloff seems overdone as stochastic is slowly pulling out of the oversold region.
Since this was a swing position, I also set a wide stop past the 90.00 handle, so I caught just slightly over 1:1 on this play. Not complaining, though, because a win is a win, right?
In case you’re wondering why I’m sticking to long-term trades these days, it’s because I’ve been extra busy fine-tuning my Happy Hunter Trading system, which has been racking up mighty strong gains so far this month. Make sure you check it out, too!
See also: Q4 2017 Trading Performance Review
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