This trade opened on the sell side yesterday (March 19) at the end of the 1300 EDT bar at 1.5341 when it closed below the inside channel (see Trade Idea post from yesterday morning). As I indicated in yesterday's post, I opened a 1/2 sized position when the the pair closed below the lower limit of the inside channel, and will open the second 1/2 if the pair breaks through and closes below the lower limit of the outside channel. In this first 1/2, after some sideways movement the pair started toward the wider, outside channel, at about 0500 EDT this morning. I've moved this part of the trade to break even and have a 20 pip trailing stop on it now. So far we've saved about 20 pips of profit on this 1/2 of the trade. It is flirting with the resistance at 1.5264 but looks like it might successfully break through. If it closes below the wider channel I'll open the other half of the trade and combine both halves if the second part gets to +30 pips of profit. I'll keep you posted!
Happy Trading!
Happy Trading!
