Paper trade: Closed all CADJPY long @ 88.40 for +152 pips

CAD/JPY reached my target of 88.00 last Friday. It broke through 88.00 nicely and tested 88.50 on Tokyo open just now. I decided to book my profit in the demo account on this CAD/JPY long position entered at 86.88 and 87.87. See Figure 1 for the 3-hour chart with the entries and exits marked.

Main reason for my cold feet is that there’s a lot of resistance on CAD/JPY above 88.50, all the way to 90.70, from the daily chart (not shown). I couldn’t tell if CAD/JPY will continue pushing upward or retrace. So I’m booking my profit now to observe the price action from the sideline. This position has turned out +40 pips more than I expected, so I’m trying not to be too greedy in this volatile time.

The net profit on this paper trade amounts to +0.3% of my demo account. The yellow triangle in Figure 1 shows my exit. I risked 0.1% on the initial entry (first blue triangle). Then added 70% more to the position above a weak resistance level (second blue triangle) and moved the stop on the initial size to breakeven.

CAD/JPY, 3-hour

Related posts:

1. Paper trade: Long CADJPY @ 86.88, Stop 86.10, Target 88.0
2. Paper trade: Closed GBPJPY @ 146.42 for +140 pips
3. Paper trade: Closed EUR/JPY @ 135.00 (+500.1 pips)
4. Paper trade: USD/CAD long 1.07426, stopped out 1.06999 (-42.7 pips)
5. Paper trade: Closed AUDUSD short @ 0.9057 for +126, +26, -13 pips