Total Profit = 237 pips - Trade Closed

We have finally closed our live trade with a total profit of 237 pips. Final exit was 1.0465, duration was approximately 30 hours. I sure wish that it were always this easy! ;)

We entered yesterday at 1.0585 (see previous posts) We now have:

1/3 = profit of 40 pips
1/3 = profit of 77 pips
1/3 = profit of 120 pips

Total Profit = 237 pips

Feel free to hit me up with comments and questions. info@fxeducator.com is my email address

Thanks,

Ed Ponsi

Total profit = 117 pips (So Far)

Continuing coverage of our live trade. A big move in USD/CAD on the heels of the Trade Balance figures for the U.S. and for Canada. We are going to take additional profits here at 1.0508, and move the stop down to 1.0545.

We entered yesterday at 1.0585 (see previous posts) We now have:

1/3 = profit of 40 pips
1/3 = profit of 77 pips
Total profit = 117 pips (So Far)
1/3 = still open

Our target for the final 1/3 of the trade is 1.0465. So, well either gain 40 pips if the stop is hit at 1.0545, or 120 pips if the exit is reached at 1.0465.

Comments? Questions? Is anybody out there? ;)

USD/JPY Question

Quote:
Originally Posted by MR NO
How much the USD/JPY can went down,do you think that he will brake the 120.98?

Hi Mr No,

Thanks for your question. EUR/JPY and GBP/JPY are such good trading vehicles right now, so I don't really care for USD/JPY right now. AUD/JPY and to a lesser extent NZD/JPY have been pretty good too. When I think of USD/JPY, I think of two weak currencies - and I'd rather match a strong currency vs. a weak currency. But if the subprime mess boils over, and the risk aversion causes the Yen to strengthen, then USD/JPY should go well below 120.98. A strong JPY would give us just what I'd like to see - a strong currency vs. a weak currency.

USD/CAD - Managing The Trade

Hey Everybody,

I hope you're all having a great day and enjoying our live trade on USD/CAD. Now that we have a nice little profit of about 40 pips, it's time to move the stop. I'm going to lower the protective stop to 1.0585, which was also the entry point. At the same time I'm going to close 1/3 of my position. This means that we'll have a nice little gain on 1/3 of the trade, and at worst a break-even scenario on the other 2/3 of the trade. Hopefully this puppy will keep on running, and we can take additional profits and lower the stop further.

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USD/CAD Resistance - Fibonacci, Moving Average

An addendum to the previous post, a glance at the daily chart reveals that the rally hit resistance at the 20-day moving average (about 1.0615) before slipping back below the 1.0600 figure. We also have a 50% Fibonacci resistance point near 1.0600, so the stop has a good degree of protection. This doesn't guarantee success, but it doesn't hurt, either.

USD/CAD Short @1.0585

USD/CAD is in a long term downtrend, and it has found some resistance on the hourly chart on the 1.0600 figure. Also showing overbought on the hourly RSI. Shorting here with a stop above the recent highs.