Trade Closed: 2007-08-22 09:50
Close trade at market (1.4285)
1st Half: +50 pips
2nd Half: +35 pips
Total: +85 pips
Trade Adjustment: 2007-08-21 22:20
The pair is current trading above our original entry point and it looks like the second half may get closed out pretty soon. We will continue to hold and see what happens. Good luck!
Trade Update: 2007-08-20 22:10
It looks like we have a small rally going on after the pair touched 1.42. Stochastics are turning higher, so it looks like a go on this trade.
We will enter long, as per trade idea, which means the pair will have to come down a little from it’s current market buy around 1.4260. Good luck!
Trade Idea: 2007-08-20 18:11
As we can see on the chart, the 240 MA’s are showing us the pair has been trading sideways for quite some time now. It looks like the pair is currently trading at the bottom of the range as it trades just outside the red bollinger bands (red bands set to 2 standard deviations). Stochastics are in the oversold territory, so the selloff steam may be running out for this pair.
Just for good measure, I will wait for the stochastics to begin turning higher before I enter long on this pair, just for confirmation. I am look at an entry target of about 1.4250.
So, here’s the trade idea, but we will wait for price action and stochastics to confirm before we enter:
Stay tuned for entry confirmation or trade adjustments in case the pair breaks out to the downside… Good Luck!