Cross-Eyeing: EUR/GBP – Trade Closed

Trade Close: 2007-09-25 12:15

Our trade is closed as the pair rallied back up to breakeven at .7000 and stopped out. So, we managed to lock in a profit of +35 pips and a little bit of interest for holding on to the position as holding the pair short produces a positive carry. Hope everyone did well!

1st Half: +35 pips
2nd Half: +00 pips
Total: +35 pips

Stay tuned for the next trade!

Trade Update: 2007-09-24 18:00

Since our last update, EUR/GBP has slowly made its way down another 10 pips and currently trading around .6965. With German Ifo Business data and significant UK data coming up this week, I’d like to lock in profits and adjust our stop.

Close half position at market (.6965) to lock in profit, adjust stop on remaining position to breakeven (.7000)

Good luck on our remaining position!

Trade Update: 2007-09-21 11:10

Just another quick update as we are still short EUR/GBP from .7000 and currently trading around .6975. Let’s make a few adjustments…

I don’t like weekend surprises and even though this pair is very slow moving, I think we should reduce risk by adjust our stop. Since our trade was opened, the pair has made a low of around 30 pips as it touched just under .6970.

We will trail by moving stop 30 pips down to .0720 and maintain the same profit targets.

Good luck everyone and have a great weekend!
Trade Update: 2007-09-20 10:05

Our short entry at .7000 was triggered at the beginning of the European trading session and currently trading just below at .6990

We will continue to hold onto this trade as the British Pound finds strength after an upside surprise in UK retail sales. Stay tuned for more updates!

Trade Idea: 2007-09-19 17:37

crosseyed chart

Good Evening! The rally in EUR/GBP looks a bit tired as it approaches a major psychological price level at .7000…Is it time to reverse???

Maybe so. We can also see a bit of divergence as price action made higher highs, while stochastics made lower highs. This is usually a clue that we may see a reversal pretty soon.
We will short this bad boy if it touches near .7000.

The fundamental risk in this trade is the British Pounds weakness as UK bank worries continue to be on the minds of traders. I feel that we will see a retracement and then the trend will resume.

EUR/GBP at .7000, stop at .7050, pt1 at .6950, pt2 at .6900 (38% Fib retracement level)

Please remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Good luck!