Trade Result - EUR/GBP +80

This post actually will cover two trades as this traded opened, moved to break even, then stopped out, opened again, and made some pips. This pair really has "super pips" as each pip is worth about 1.4 regular (denominated in USD) pips. That's why we trade this pair with smaller stop losses and trailers. Anyway, the first trade opened yesterday at the close of the 0700 EDT hour bar at 0.9322. It quickly fell until we were +30, where I moved to break even. I put a 10 pip trailing stop on the trade and waited. The pair dropped only another 5-7 pips before reversing and taking us out at break even. It went back up into the channel and continued its sideways, slightly downward movement. At the end of the 2000 EDT bar, it broke through and closed below the channel again and we entered at 0.9312. After moving sideways for a few hours, the pair started to fall and I moved to break even at +30 pips a little before 0200 EDT this morning. It started moving back up at the beginning of the European session and almost hit our stop, but then turned and fell sharply going as low as 0.9202 before reversing and taking us out at 0.9232 for a +80 pip gain. All in all, not a bad trade. This pair has moved enough to stop considering it in a channel so we won't re-enter if it rises again inside the original channel. We'll wait patiently until it consolidates again, then take it for another ride.

On the EUR/CHF trade, the pair broke through the lower border of the narrow channel at the end of the 0800 EDT hour bar yesterday and we entered a half sized position at 1.5307. After flirting with the top of the channel (and our break even point), it fell and we have moved to break even and put a +20 pip trailing stop on. I'll update more as this trade progresses.

Happy Trading!