CADJPY- Remain on the train or get off?

12 thg 12, 2016

So CADJPY triggered long in a my Weekly Swing trading strategy. It's simple, wait for weekly and daily charts to trend in the same direction and enter on a 3 hr chart signal. Now that CADJPY indicators has firmed up on the weekly chart, I see the weekly candle is touching the 200 ema. Undoubtedly , I expect to see some profit taking (retracements) at this level. Therefore, at this point I think it wise to offload some of my profits. However, as to whether I would change my position to a bearish outlook? The answer is no. I prefer to wait and see if price will continue to push through and remain above level 88.05. As a result I have a small position that is still open as a swing trade. Stop loss level ( based on daily chart) at 85.59.