Easter is fast approaching, which means a slow down in trading. On Good Friday, US financial markets are closed. This means that most likely currencies have only one more day for movements of any size, before settling into a slumber mode. One should also remember that Monday is a holiday in many European countries, so, barring any unexpected important news, we should have 4 days which can be used to take a break, short vacation, enjoy Easter etc,.

This fact influenced decisions I made today regarding open trades. In the post Rates to go up Down Under, I outlined possible trades in GBP-NZD and EUR CAD. Pound-Kiwi buy order was placed at 2.1255, which got filled. Price moved nicely in desired direction and about an hour ago I decided to close the trade and take profits. Exit was at 2.1469, or 214 pips gain.

My original objective was 300 pips, so I’m a little short. At the same time, if there is a pullback/pause in the trend today, then I’d have to wait at least 4 days for resumption of the move. Frankly, I feel a little overexposed with all those long Pound trades, so taking profits here makes perfect sense to me. Just trades mentioned in this blog still have GBP-AUD and EUR-GBP among them. And there are more, well, were more. The 200+ pips pocketed here make for a good profit, so no regrets.

Another set up covered in the same post was possible multiple entry in EUR-CAD. In principle, I’m waiting for for a upside breakout at 1.3870. Secondary buy order was placed at 1.3635, should price dip that low. It did, and that turned out to be great entry, because price reversed right away. I let it run most of the day, until emergence of of candlestick with large shadow on 4H chart. Position was in decent profit, so I closed it there for +106 pips. Buy order at 1.3870 is still valid.

I’m adding one more order, this time in EUR-NZD. It is not that I prefer EUR over the Pound at this moment, but hourly chart simply has the kind of characteristics which I look for. Plan is to buy it at 1.9155, with a relatively modest objective of 100-120 pips. There is another resistance point at that level not seen on the chart above. Should the trade happen on Thursday, I will try to get out of it before the end of the day, target or no target. And get in holiday mood.

Mike K.