Ichimoku Forex/ CADJPY LT Trade UPDATE 8/21/2012

Last week we entered a long trade on the CADJPY with one unit at 78.60. We then proceeded to add on a second unit with a break of the Weekly KS at 79.70. Giving us an average price of 79.15. Currently we are sitting at 80.52. The top of the weekly Kumo Cloud(not shown) is our next major resistance overhead at 80.88. This is major. If we hold then we are due for a pullback into the buy zone which is between the two horizontal green lines.
Short termers can take some off at current levels, and add back if we break out of the weekly cloud.
Otherwise we sit tight and wait, and again we want to hold above the lightblue uptrend line.

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About the Author David Terk