Yes folks, it's back. As you can see below, this pair has been trading in a pretty well defined channel for a good bit (this is the hour chart, so it takes a lot of bars to make that long of a channel). As I've said before, this type of channel is not terribly unusual in a situation where a pair has made a big move (as this pair has - see left side of chart).
I would buy on a close above the channel and sell on a close below the channel. because of the width of the channel, I'll probably limit my stop to 100 pips, but you might also consider sticking to the "other side of the channel" technique and just trading fewer lots. I'll move to break even
at +50 pips and put a 20 pip trailing stop after that (probably). I'll keep you posted.
Happy Trading!
at +50 pips and put a 20 pip trailing stop after that (probably). I'll keep you posted.
Happy Trading!
