Ichimoku Forex / Currency : Long Term CADJPY 8-15-12 UPDATE

  • Home
  • /
  • Blog
  • /
  • Ichimoku Forex / Currency : Long Term CADJPY 8-15-12 UPDATE

Back on 8/15 We took a long position in the CADJPY with an average cost of 79.10. Along the way short termers took partial profits at 80.35 for 120 pips. We have traded back down and consolidated for the past week. We now sit at 79.40 with a 30 pip profit on 3 units.
The position has lost some momentum and if some want to book 30 pips on 1 unit then that is fine. We need to close above 79.50 at Tuesdays close or we will lose a lot of momentum on this trade.

The Daily KS has now moved up to 79.10 and we would like that to hold. Short termers can use a break of the level for an hour or 2 as a stop.

Ultimately 78.50 is the major pivot level. Long termers can use a break of this level for an hour or 2 as a stop.

If you would like to learn how to trade like a professional or learn more about our multi-timeframe email alerts, go to www.ichimokutrade.com

EDUCATIONAL USE. Commodity Futures Trading Comission, Forex, Futures, Equity and options trading has large potential rewards, but also large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results. All information provided on the Blog is for educational purposes.