Last weeks short trade on the USD/CAD has proven to be quite profitable. I went short at 1.2980 and stopping in to check my trades I discovered it has moved a bit lower below the 1.19 mark. Thats over 1000 pips as the price of this writing is 1.1944.
For now I'm staying short
Wednesday, December 17, 2008
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i entered short on this late in the game, around 1.24, but i managed to take a few hundred pips in profit after the Fed rate cut, got cashed out on a stop profit, fearing a huge correction.
ReplyDeleteforex is fun :)
i hope your stops didn't get hit on GBP/CHF and EUR/GBP, the bank of england minutes report sent the GBP down pretty hard.
The GBP only really fell against the CHF and The Euro kinda tanked but it held good ground against CAD and is still holding. for now. Yes my stops got hit. WOW the GBP fell Nearly 800 pips last night! Another good spot for a good long after the fall starts to bounce I will be ready. The Euro/jpy pair is long and is doing well
ReplyDeleteWin some and lose some.
yeah, i was riding the GBP down all the way after i saw it trending against my long, and after i read the dailyfx on the minutes report.
ReplyDeletei've got a question for you though, i got myself stuck in a dumb a CAD/JPY long at 74.192, i was expecting it to break out on the OPEC cuts, but it's actually tanked a little... where do you think CAD/JPY will be headed? should i just cut my losses, or has the yen bottomed out?
I feel the CAD has traveled a long way down from it's previous levels. The JPY is still strong but I don't think it can hold these levels much longer. The BoJ doesn't like the Yen this strong as it hurts their export based economy. You are only 100 pips down at this current time if you set a stop let it ride. I do feel the CAD is due for a bounce and it's likely to some when commodities rise back up. When copper, oil, corn & wheat etc start to rise the CAD will rise with it.
ReplyDeleteI personally would be prepared for it to visit the lows again but as you can see on the chart the candles/bars are getting smaller - I do feel the CAD is bottoming but one can never be sure in this volatile market. Tracking oil is not the end all strategy and as you have witnessed the CAD does not follow oil all the time