Saturday, 31 August 2013

USDCHF, EURCAD and GBPCAD update

Previously, I shorted the EURCAD and GBPCAD. Now around a week later, I'm covering these positions for a very nice level of profit.

Below we can see the two charts and the short entry positions highlighted by a horizontal level

EURCAD



"The first chart - 4 hour - shows how the EURCAD has become overbought on slow stochastics and in my opinion we are due a test of  1.392 in the not too distant future." From here

As we can see the ~0.9% drop came very quickly and ended up being a pain free, simple trade.

GBPCAD

Furthermore, I covered GBPCAD when EURCAD reached my 1.3920 target and unfortunately due to BoE Carney's speech and the movement in the EURGBP this trade only returned 0.7%



Overall, These shorts played out well, and even though the bottom of the move (so far) wasn't reached by my trade it still had little drawdown and good return profile.

USDCHF

This trade was is all about a good idea but poor timing, while it still returned 0.57% in the end, the returns would have been ~3x this had I been patient with my entrance.




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