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TRADE UPDATE: Long USD/CAD Hits First Profit Target

Last updated 4/9/2009 1:10 PM EST (GMT -5) 0 Comments - Add your comment

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FX360 Technical Analyst Staff

Technical Analyst, GFT

This morning's intraday technical analysis report, " Intraday Technicals: USD/CAD Poised for Bullish Correction ," highlighted a bullish Gartley pattern that was near completion as prices approached previously established daily support near 1.22. Our buy entry at 1.2228 was triggered at approximately 10:20am EDT as prices quickly shot down to 1.2209 then immediately turned higher reaching a current intraday high of 1.23--just two pips above our initial profit target of 1.2298 (T1).

As usual, upon reaching T1 we moved stops to break-even (1.2228) and also have taken partial profits (1/2 position) assuring a profitable trade. We'll let remaining profits run to the final target of 1.2357 (T2) which is still looking good although a minor dip is somewhat expected. Note that T2 was slightly adjusted (from 1.2366 to 1.2357) reflecting the difference between placing this target just below 61.8% of the projected CD leg (before) versus the actual CD leg (after).

1hr Chart - [BEFORE] Gartley setting up in this morning's intraday technical analysis report...	1hr Chart - [AFTER] Gartley has completed and first profit target already achieved. Stops moved to break--even (1.2228) partial profits taken (1/2 position).

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