As promised, here is the next Euro/Pound trade idea. We had a trade on where the pair moved up out of a wide channel (click here for that post). Then the pair stalled and formed a new, narrower channel much more to my liking. This channel is about 40 pips wide and has been forming for the last 27-28 hours. I'll buy on a close above, or sell on a close below the channel lines shown on the chart to the right. As usual with this pair, I will move to break even at +30 pips and put a trailing stop on. The initial stop loss will be the other side of the channel. I'll keep you posted.Happy Trading!
