Thursday, May 28, 2009

May Long Term Trade # 4 - LONG USD/CAD

May 29, 2009 12:00 mn (Manila)

Manually took the pair out at breakeven a few minutes ago. I guess the pair remains stubborn and will continue to head south with a slew of economic data from the US that just came out.

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May 28, 2009 6:12 pm (Manila)

Pair is currently doing around -60 pips/lot, effectively negating the gains of my other LT trade. However, I will hold on and hang tough on this trade as I believe the reversal that started yesterday has not lost steam.

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May 28, 2009 1:00 pm (Manila)

In have re-entered in the USD/CAD LONG trade. A hammer formed on the lower bollinger band yesterday and RSI, MACD and Slow Stochastics support a general upward movement. This will be a long-term trade running days, maybe weeks.

The CAD has been strengthening against the greenback for the past two months and I believe a reatracement is in the works.

Trade details:

LONG USD/CASD @ 1.1237
STOP - 1.1086
Limit 1 - 1.1361
Limit 2 - 1.1486

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