Tuesday 16 February 2010

EurGbp trade update



Here are two views of GBPEUR(e-signal) and EURGBP(metatrader). Both are hourly charts. We are long Euros - Short Pounds at 1.1547 (bang on the pink UMLP) or .8659(red LMLP). I have already roughly covered in the previous post my thought mechanism for initiating the trade but i had omitted to give the trade objective. The initial objective is seen on the Metatrader chart as the middle green centre line. The second objective is point of confluence on the downwards sloping dotted magenta UMLP and the centre line of the gold dotted up sloping ML set( which is a new ML set drawn today/thin blue on e-signal). The daily floor trader pivots are also shown.We have a monthly second support FTPivot at .8668. To protect some profit from this trade i am moving my stop from break even to the lower median line parallel dotted gold which is also a weekly pivot support level 1 @. 8693. This protects approx 50% of exisiting profits as of the current price at the time of writing. stop level shown as blue horizontal line in e-signal chart.





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