In the "you never know how things are going to run" column, last Friday (12/05/08) I posted a trade idea based on a converging triangle pattern in the EUR/USD and stated that I would take the trade whichever way it broke, but that I thought it would break downwards. It did breakout, but up, not down. Its one of those times I don't mind being wrong as it turned me just about 100 pips. The pair broke out on the 8th at the end of the 2 pm bar (I was trading on the hour time frame), dipped back down the rose out of the triangle and hit my trailing stop at 93 pips up. It's moved down a bit off its high and I've adjusted the upper border of the triangle (still converging). I still suspect that the pair will move down at some point and break the trading range, still, I'll take the trade either way.
Another breakout idea, the EUR/CHF has been trading in about a 100 pip range for almost a week. I'd look for a breakout above 1.5650 or below 1.5535. Buy or sell as appropriate. I use the traditional method for placing stops and put them 10 pips or so above or below the most recent high or low prior to the breakout. I move to break even when I've got 25 pips, then put a trailing stop on (usually a 10 pip trailer, more if I'm trading a really volatile pair). I'll report on the trade when I've got more information.
Another breakout idea, the EUR/CHF has been trading in about a 100 pip range for almost a week. I'd look for a breakout above 1.5650 or below 1.5535. Buy or sell as appropriate. I use the traditional method for placing stops and put them 10 pips or so above or below the most recent high or low prior to the breakout. I move to break even when I've got 25 pips, then put a trailing stop on (usually a 10 pip trailer, more if I'm trading a really volatile pair). I'll report on the trade when I've got more information.
