Upcoming week and some possible trades ahead – EURCAD, CHFJPY, etc

February 13, 2011

With 5important announcements coming out of Canada and technical plays it has developed over the last two weeks on all crosses I am most interested in EURCAD pair and 3365 level. From technical point of view we can see that EURCAD was not able to break ABOVE previous HIGH at 3780 and is now back at the crime scene from 7th of February. I definitely want to see some rapid action around 3365 since my ENTRY is going to be targeted at 3338. My initial SL would be fairly LARGE {150pips above 3500} and my target around 31 level {3086} where is another very important level of support. Alternative scenario is to play the retracement {LONG} for approx. 50-100pips since the decline was very fast and some retracement might be needed. Let’s see how it plays tomorrow …

I am still in two positions which remained to be open from last week. One trade is still open in GBPCHF. I am in from 5410 and I locked down my profits with protective stop at 5515. In my opinion it still has some room to go NORTH and if 5620’s is broken we can possibly expect another 100pips move {“possibly”}. The second position is open in GOLD {very small – 0.1lot} where my entry happened to be at 1362.50. My stop is pretty far away at 1373 and my target at 1323. I will probably readjust my stop to 1368 once markets open since the price is moving already bit longer then I would want in the 1350 and 1370 range.