Longer Term Trade Updates USD/JPY & USD/CAD
With some major rate action coming from the FOMC announcement on Wednesday, I am going to update the Longer Term trade setups I have mentioned.
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First, recently I wrote of a potential trade in the USD/JPY pair. The trade was a potential upside breakout. See original post here: http://vantagepointtrading.com/archives/1061.
This set up did not develop, as we have fallen well off the upside resistance area between 99.50-100.00. The pair is currently trading at 96.30. The Cup and Handle chart pattern is still present, but currently we have retreated to the lower range of the handle. Thus this trade was never triggered. Take this trade out of your “pending” trades inventory.
A completely new signal may be close at hand in this pair, which will be posted shortly.
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The USD/CAD trade (last update is here http://vantagepointtrading.com/archives/938 and you can link to original post from there) was triggered on 03/13 with a closing price of 1.2719. This was our entry point. Currently this trade is over 200 pips in the profit. The first two profit targets have already been hit. Stop should now be moved to breakeven.
PLEASE NOTE, for my own analysis my daily bars close at 24:00 GMT.
~Cory Mitchell
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Long Term Forex Technicals | admin | March 18, 2009
breakout, chart patterns, currencies, currency, forex, free forex signals, invest, investing, investors, market analysis, market commentary, resistance, support, technical analysis
USD/CAD also hit the third profit target of 1.2200
[...] View last post for this trade here: http://vantagepointtrading.com/archives/1071 [...]