We entered three new trades today. The first one, a LONG position in USD/JPY closed within hours as the pair broke to new highs based on general strength.
The other trades were a SHORT in the EUR/USD and a SHORT in USD/CAD. The USD/CAD is a bit more risky so first we used a small position and second a small profit target at 1.3620. We believe the EUR/USD is going to finally correct after its continuous rise the past couple of weeks, hence a large position and a bigger profit target. Nevertheless, we'll be monitoring price action and may opt for a potential smaller profit if things get a bit riskier.
We are still in the EUR/GBP short from yesterday and although there seems to be a lot of buying at low levels, technicals look good for a bigger correction. Will be monitoring price action for this pair as well for a potential change in profit target.
The other trades were a SHORT in the EUR/USD and a SHORT in USD/CAD. The USD/CAD is a bit more risky so first we used a small position and second a small profit target at 1.3620. We believe the EUR/USD is going to finally correct after its continuous rise the past couple of weeks, hence a large position and a bigger profit target. Nevertheless, we'll be monitoring price action and may opt for a potential smaller profit if things get a bit riskier.
We are still in the EUR/GBP short from yesterday and although there seems to be a lot of buying at low levels, technicals look good for a bigger correction. Will be monitoring price action for this pair as well for a potential change in profit target.