My trade is up 136 pips so far. Look to bring stops to lock in half of gains.
On May 15, 2009, I wrote:
[I]'CAD/JPY has been in a steadily uptrending in a very well defined channel. It is currently at support.
Traders look to buy at support with stops just below support. Limit is double your stop in pips.’[/I]
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My trade is up 136 pips so far. Look to bring stops to lock in half of gains. Look for 84.78 to provide some resistance as it is the 78.6% retracement level of the 85.90 to 80.10 down move. We would target the old May 11th high/channel resistance of 85.90