Close Open Orders: 2007-02-25 20:40
EUR/GBP did retrace down, but not quite enough to trigger our long orders – missed it by a few pips. The pair looks like it’s back in uptrend mode as it has risen and currently trading around 0.6715, so we will close open orders. We will continue to keep an eye out for new opportunities, so stay tuned!
Trade Idea: 2007-02-22 16:40
The Euro has been gaining against the sterling for a few weeks and now we are seeing a retracement from the high near .6760. We will look to scale in long if the pair dips and gives us a better price for a long position in EUR/GBP.
We do have event risks tomorrow with the German Ifo Business data and UK quarterly GDP. If the former is strong and the latter is weak, then we should see support for a long trade and the uptrend to resume.
Long half position EUR/GBP at 0.6690, stop at .6635, pt at 0.6790
Long half position EUR/GBP at 0.6670, stop at 0.6635, pt at .6710
Remember to never risk more than 1% of your account on any single trade, so please adjust your position sizes accordingly.
Good luck and good trading!