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Close Trade: 2008-07-18 14:43

With the end of the trading week quickly approaching, I have decided to close out my trade to avoid any potential event risk and take profits.

Close Open Position at Market (.7930).

1st Half: +50 pips
2nd Half: +30 pips
Total: +0.80% gain

I look to potential re-enter this trade at the beginning of next week. Until then, have a great weekend everyone!

Trade Update: 2008-07-18 10:13

EUR/GBP rallied during the Asia trading session and hit our first profit target at .7960. Soon after, the Euro met with sellers who pushed the pair back down through out the morning European trading session.

Our first profit target was hit and closed down a portion of our position. Time to make some adjustments.

Adjust stop on remaining position to breakeven to create a risk free trade.

Since we are at the end of the week, I will close this position down at the end of the trading day. Hopefully, we can catch a few more pips before then. Good luck!

Trade Update: 2008-07-17 15:39

Our trade was triggered during the morning US session as EUR/GBP fell and touched .7910. The pair has ranged between .7910 and .7925 since, and it looks like we will continue to see consolidation for the rest of the US trading session.

No major news events today or tomorrow, so I plan to continue to hold onto this trade as the rising trendline seems to hold for now, but look for possible adjustments at the end of the trading day tomorrow as we close out the week. Good luck!

Trade Idea: 2008-07-16 23:52

crosseyed chart

Greetings! Looks like we have a potential long play forming on EUR/GBP as the pair trends lower, towards a rising trendline.

On the chart, we can see that the pair has been ranging sideways for quite a while, and now the pair is about to reach a potential support area at the rising trendline. Markets still remain uncertain and very volatile in which a range type trade makes sense. Stochastics are also indicating that the pair may be oversold on the 4hour chart, indicating we may see a short term reversal coming up.

So a nice simple technical play for today. We will long at the bottom and target .8000. Here’s my trade idea:

Long EUR/GBP at .7910, stop at .7860, pt1 at .7960, pt2 at .8010

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

No major risk event expected today, so look for technicals to play out in today’s trade. Stay tuned and good luck!

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