FX Spot - USD/CAD Long position on 23 September 2014

FX Spot - USD/CAD

We have open a long position with USD/CAD on 23 September 2014, 10:11am (SG Time), at a price of 1.10468. Price having good higher high and higher lower plus our stochastic, ADX and MACD having favorable response. The only thing that is standing in our way is the resistance at 1.10979, the previous high on 15 September 2014. We are looking at Target Profit at 1.1270 (High of 20 March 2014).

With the long position open at price of 1.10468, we were keeping a close watch on this trade, just in case price decides to go against our way with US Data coming out in a few days which is the Unemployment Claims and Non-farm Payroll. Our Stop Loss and Target Profit at the point of opening is at 1.0885, around 95pips (Previous low on 19 September 2014) and 1.1270, around 223 pips (High of 20 March 2014) respectively.

On 26 September 2014, price finally punched through 1.10979. We proceed to shift our Stop Loss to slightly above entry price at 1.1050 on 01 October 2014, 7:11am (SG Time). 

On 2nd October 2014, sellers came in to test support price (previous broken resistance) at 1.10979 but buyers pushed it back up, favorable before Non-farm Payroll data was released. With Non-farm Payroll data, it climbed all the way towards our Target Profit but it was not triggered, price was just 1-2 pips away.

Hence, today, 06 October 2014, 12:02pm (SG Time), we have reviewed our position and close half of the position at price of 1.12471 which is around 200 pips and move up our Stop Loss for the other half to price of 1.1100 which is around 53 pips in the money.

Now we can relax a little bit because, if price decides to turn against us, we have already bagged in safely 200 pips and another 53 pips in the money Stop Loss.

Trade safely everyone =^_^=