After rolling down my stop, it looks like it didn’t take too long for the market to take me out for a profit on my CAD/JPY short. Here’s a quick review.
A wave of risk-on sentiment took hold during the morning London session, possibly due to the rescue of Banco Popular, a Spanish lender, by Spain’s largest bank, Santander. Whatever the case may be, the Japanese yen was the biggest loser of the session, pushing up all major yen pairs, including CAD/JPY. Needless to say, my adjusted stop to 81.65 was triggered right around the U.S. equities market open and closed my trade out for a nice win.
P/L: +129 pips / +0.39% on 0.50% risk
In hindsight, I think it was the right move to lock in profits with a heavy day of events ahead and the Canadian jobs report coming tomorrow. Overall, I don’t think I’d do anything differently and I think this pair is still good for a short, especially if oil resumes its downtrend after today’s bounce. Stay tuned for updates on a possible re-entry and for new ideas coming soon!
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