For the original trade idea, click here. This trade broke through the lower channel limit at the end of the 0800 EDT hour bar. I was in short at 0.9034 just after the close of the bar. the pair fell over the next couple of bars until I moved to break even at +30 (this is the EUR/GBP - a pip is worth more and the volatility is generally less) at about 1020 EDT. I put a 10 pip trailing stop on the trade and went about my business. The pair moved sideways for several hours before starting to fall last night. It hit its low just after 0100 EDT this morning (Wednesday, Apr. 8). At that point we'd saved +40 pips (not bad for the EuroPound). Here is what the trade looked like:
This pair is now forming a new, slightly lower channel. I'll be posting a new Trade Idea about it in a bit.Happy Trading!
