We have seen a bounce off the lows in the CADJPY cross, extending slightly past the 78.69 fibbo resistance, I remain a seller of this pair up until the 79.10 area. Therefore I have entered a short at 78.80 & will sell another clip at 79.10 if we get there. I expect to head towards and test the low around 78 again.
Short at 78.80 Short 2nd clip @ 79.10 (if we get there) SL: 79.20 TP: 78.05
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Selling another clip at 79!
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Sold another clips at 79.20!
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I don't set firm stops when there is a lot of volatility around like there is at present (we had the RBA rate cut last night, and the US elections tonight) I prefer to manage my positions manually and if i don't like them i will cut them .... so i am very much still in this trade... 3 clips out of 4 short so far. I will sell up to 79.50 but i don't like it above there and will start to reduce risk if get up there!
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Sold the last clip up at 79.66 - I am now 100% short (4/4 clips) with an average around 79.20 ... So will watch it closely and hope it heads back lower, towards the 78.50 mark. I feel the market is pricing in a blue wave in terms of the US election however, I don't believe that its ever that easy! as we have seen in the past, things rarely go according to plan, so I feel this this trade sets up nicely for a risk off mood which could easily happen due to various reasons. So i like the trade still, perhaps i did start selling a bit too early and i would hate to get stopped out and then the market dumps ... so i hang tight for now... Happy with my average position - risk reward looks appealing!
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Closed all 4 clips here @ 78.90 - for a profit of 110 pips!