There are several currency pairs trading in a tight range at the moment. My favorite at the moment is the EUR/GBP. If it breaks and closes above 0.9033 on the 15 minute chart, that's a buy for me. On the buy side, I'll set my stop a bit below the bottom of the channel 0.9005 and look to move to break even if it gets to 0.9062 (where I see the first bit of resistance setting up). After that I look for 0.9170 for my first profit target. I'll probably start saving pips if it gets +50 though.
On the sell side, I'll sell if it breaks and closes below 0.9009 on the 15 minute chart. My stop will be 0.9040 (a bit above the upper channel line) and look to move to break even if it gets to 0.8975. My first profit target is 0.8955, where I'll start saving some pips. The pair could bread down as far as 0.8870. As you know from previous posts, I'm a strong advocate of putting pips in the bank, so I'll start doing some serious locking up if it moves strongly down.
Happy Trading!
On the sell side, I'll sell if it breaks and closes below 0.9009 on the 15 minute chart. My stop will be 0.9040 (a bit above the upper channel line) and look to move to break even if it gets to 0.8975. My first profit target is 0.8955, where I'll start saving some pips. The pair could bread down as far as 0.8870. As you know from previous posts, I'm a strong advocate of putting pips in the bank, so I'll start doing some serious locking up if it moves strongly down.
Happy Trading!
