NEW TRADE : Short CAD/JPY at 98,285 TYPE : Swing – Overbought level Maximun risk : -2,50% Time frame signal : Daily
CAD/JPY made a high last days completely out of the upper Bollinger band. At same time the width of the bands widening at maximum and now it is starting to narrow. All this means to me that the market is swinging. As weekly chart presents downward vias on Momentum indicator, it is the confirmation that I will not trade against the main trend. Initially stop loss is always set at a maximum loss of 2,50% of balance account. Then, day after day, the trailing stop will be rising to minimize possible losses.
TRADE UPDATE: Short CAD/JPY at 98,285 TYPE : Swing – Overbought level Maximun risk : -2,50% Time frame signal : Daily
CAD/JPY is winning 190 pips in 13 days. Objetive is the lower Bollinger Band. The majority of profitable trades reach his objetive price in two impulses. Very few trades reach it directly in just one impulse, we are now in the second impulse. Weekly chart still show downward vias on Momentum indicator so we are in tune with the main trend. Let us see if can reach objective in 1 or 2 days more. Initially stop loss is always set at a maximum loss of 2,50% of balance account. Then, day after day, the trailing stop will be rising to minimize possible losses. Maximum we can loss now is -0.61%.
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Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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Past performance is not indicative of future results.