This trade opened this morning at the end of the 0500 EST bar (just about 6 am). I'm in at 0.8987. The pair fell pretty quickly once it broke the support line and I moved to break even when the pair hit 0.8950. It's currently trading at around the 0.8930 range so I'm going to save 27 pips by moving my stop to 0.8960. It's nice when the worst you can do is +27. I'll update this trade later.
Another trade I'm looking at is with the GBP/JPY. The pair has been trending upward, away from the overall trend (which is down) and is approaching its 800 day moving average. If the pair breaks down through the trend line I will sell. If it does fall, I'd look for an ultimate profit target of somewhere in the 120.00 range (price, not pips). Because this pair is so volatile, I'll move to break even at 50 pips, but build more room into my trailing stop (perhaps a 50 pip trailer). I'm looking at a stop in the 131.00 area. Again, this pair needs room to move. I'll keep you posted.
Happy Trading!
Another trade I'm looking at is with the GBP/JPY. The pair has been trending upward, away from the overall trend (which is down) and is approaching its 800 day moving average. If the pair breaks down through the trend line I will sell. If it does fall, I'd look for an ultimate profit target of somewhere in the 120.00 range (price, not pips). Because this pair is so volatile, I'll move to break even at 50 pips, but build more room into my trailing stop (perhaps a 50 pip trailer). I'm looking at a stop in the 131.00 area. Again, this pair needs room to move. I'll keep you posted.
Happy Trading!
