Day trade
Trade view / 30 June 2016 at 14:16 GMT

UPDATE: Loonie renewed pressure hopes quashed

FX Consultant / IFXA Ltd

This trade doesn't look like it will be as successful as hoped. The original trade idea expected USDCAD strength to emerge from weaker-than-expected Canadian economic data this morning and on rumours of month-end buying of USDCAD for portfolio rebalancing purposes.

Today's data was better than expected which negated on trade idea negative. The USDCAD trading performance so far this morning suggests that, if there is USDCAD buying for month end, the dollar amount is not that significant, reducing the topside because unless 1.3075 resistance is overcome, a retracement to 1.2900 is highly possible.

For all of the above reasons it is prudent to cut 1/2 of the outstanding position at  market (1.2984 (the break even on the two positions that were filled is 1.29665)

Raise the stop loss on the balance to 1.2945 and lower the take profit to 1.3020.

Note: This trade requires contstant monitoring on the approach to  1600 GMT and should be closed at that time.

It is never a good idea to get married to a position and although this idea was initiated with grand dreams, the dream is proving to be delusional.

Original Parameters

Entry: Buy 1/3 position of USDCAD call at market (currently 1.2988), 1/3 at 1.2945 and 1/3 at 1.2910.

Stop: 1.2872.

Target: 1.3200.

Time horizon: five days.

USDCAD 15 minutes
Source: Saxo Bank

— Edited by Martin O'Rourke

Non-independent investment research disclaimer applies. Read more
30 June
Michael O'Neill Michael O'Neill
This trade was closed at 1.2984 for a gain of .00175 points. The idea failed miserably but the small gain is better than a loss.
30 June
Estuardorlemus Estuardorlemus
Remembering past trades, "No one goes broke taking profits" small or big ones ,)
30 June
fxtime fxtime
Miserable profits = no excuses needed for a loss as far as I am concerned it was a good trade mate. You banked a profit and managed the trade :-)
30 June
Michael O'Neill Michael O'Neill
So true- I shouldn't whine.. Thanks for reminding me. :)
30 June
John Shaw John  Shaw
Have a good long weekend Mike !!


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