LT Partial Profit Taking: EURUSD & CADJPY

The trades of these examples were triggered/executed solely based on long-term (Daily) price action vs. natural support/resistance levels. Both were managed the exact same way from the beginning what resulted in a sum of 3R partial profit taken.

Failed EUR/USD Daily long term trade with partial profit taken:

Euro/US Dollar Spot FX Pair Daily Chart

  1. 24 Jan daily bearish close below support and the 25 Jan spinning top formation at the support 1.0742
  2. A sell order filled at 1.0742 the next day with any initial stop at 1.0773 (31 pips) with a Breakeven target at 1.0690 and a partial profit taking target at 1.0650. Price hit the Breakeven target the same day.
  3. 30 Jan price hit the partial profit taking target and half of the position was closed with a profit of 1.5R (92 pips)
  4. 31 Jan price started to move against the position and hit the stop at breakeven at 1.0742.

 

Canadian $ /Japanese Yen Spot FX Pair Daily Chart

  1. High probability of a quick sharp reversal occured after CAD/JPY moved straight 3/8 up between Point 1 and Point 2 in a short three day period – up to a very strong natural level of 87.50.
  2. 27 Jan shooting star/doji triggered/confirmed the reversal at 87.50
  3. 30 Jan entry order placed and filled after the market open on Sunday evening with an initial stop at 87.89 and a Breakeven Target at 86.00 and a Partial Profit Taking Target at 86.33.
  4. Next day 31 Jan price hit the partial profit taking target at 86.33 – realized profit 1.5R (117 pips)