Pick of the Day: EUR/USD – Trade Closed

Trade Closed: 2008-04-23 10:53

Our short position was entered quickly after our post and it looks like we caught a break as there was a broad based US Dollar rally throughout the Euro/US overlap. Both of our profit targets have been hit as the pair fell all the way below 1.59.

1st Half: +50 pips
2nd Half: +100 pips
Total: +1.5% gain

Trade Idea: 2008-04-22 12:03

PoD Chart

It’s been a hot minute since my last post, but this is a nice trade that I’ve been waiting for all week. We just saw the Euro hit 1.60 once again, and without any major news for the Eurozone or the US, we may see a minor pullback from this level.

Inflation is still a concern from the ECB, who is open to raising interest rates, but for now it looks like economic data has been stable. We probably won’t see much movement higher without a catalyst. We may even see profit taking as the pair moved from 1.5850 to 1.6000 today, and as the US trading session ends.

Short EUR/USD at 1.6010, stop at 1.6060, pt1 at 1.5960, pt2 at 1.5910

Remember to never risk more than 1% of your account on any single trade. Adjust positions sizes accordingly.

Good luck and good trading!

  • demontez

    Pip,
    You are the man.This trade is almost becoming a success on the two profit target. the first target has been filled and i think it is heading down south to the last target.
    Pip, How come i get your blogs late. I am using a practice account to test this entry and to be honest it worked.
    Thanks for making this blogs possible for beginners like us.Good luck to everyone.

  • demontez

    Pip,
    You are the man.This trade is almost becoming a success on the two profit target. the first target has been filled and i think it is heading down south to the last target.
    Pip, How come i get your blogs late. I am using a practice account to test this entry and to be honest it worked.
    Thanks for making this blogs possible for beginners like us.Good luck to everyone.

  • Pipcrawler

    Thanks for the comment demontez!

  • Pipcrawler

    Thanks for the comment demontez!

  • newbie10

    Would it be possible for you to put the current time and date on this page? Thanks

  • newbie10

    Would it be possible for you to put the current time and date on this page? Thanks