Friday, August 28, 2009

Riding the EUR/JPY Momentum Train

With better than expected U.S. GDP data out yesterday, and increased consumer spending data in the U.S. already reported today, my EUR/JPY trade from yesterday has been riding the momentum train.
I'm taking some profit here, as the pair has touched the 61.8% fibonacci retracement level off the hourly chart, from its most recent decline. I'm taking half my position off the table for a profit of over 150 pips, which is just over a 1:1 risk/reward ratio. I'll raise my stop to just below the 134 level (133.97), as that is just below where some support shows on the hourly chart and still above my entry point, so my profits are locked in (barring a severe gap down over the weekend, if the trade should last that long in the first place).


I will not look to add any positions, as it is Friday and I will, once again, take my weekly profits with gratitude and humility and run...

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