Closed Out my USD/CAD Long Trade

Published on Wednesday March 10th, 2010 at 10:01PM by HonEB

I recently decided to create a trade plan to go on the USD/CAD pair as well as go long on the AUD/JPY pair until i realized , after executing both orders, they were trading against their correlation. I decided to close out on my Long USD/CAD and hope for the short position to validate my current AUD/JPY Long position and I may take a USD/CAD short position at 0.02250.The loss was only a few pips but luckly my lot size was so small that I barely lost anything (as if the trade didn't even happen). I'm a bit disappointment but My USD/CAD trading plan was still valid and was not invalidated when I took it out. The plan didnt mesh well with my plan to go Long on AUD/JPY.
  • 3 comments
  • Go to virgiliolayug's profile

    On Wednesday March 10th, 2010 at 10:48PM by virgiliolayug

    I'm still long USDCAD. But maybe if it breaks 1.02 you can take a short position there. There seems to be major support just above 1.02
  • Go to HonEB's profile

    On Wednesday March 10th, 2010 at 11:14PM by HonEB

    I concure. good luck.
  • Go to HonEB's profile

    On Monday March 15th, 2010 at 01:51PM by HonEB

    Ok, so I've shorted on the USD/CAD. I'm pretty satisfied so far. both my AUD/JPY and my NZD/JPY have retraced back to my entry areas... Which is ok, I guess... Cause i got into the USD/CAD on a retracement after a break of the 1.0200 area.If anyone got in immediately on the break of 1.0200, you are in for a world of hurt trying to ride out that retracement. But lets hope for the best! I can already see that this may be a bumpy ride.

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