I drew a resistence line around the 0.8700 level. This hourly chart below shows a nice rally last night and a potential reversal. I shorted a few lots around 0.8650.
Risk: ~50 pips
Reward: ~65 pips
Friday, July 24, 2009
Range-Trading
EUR/GBP is more of an "indicator" pair than something i like to trade. For example, if there is overall USD strength in the market, I would use EUR/GBP to help decide whether to go short EUR/USD or GBP/USD. In this case, and because it's a Friday and I'm not expecting any significant breakouts, I really like the range EUR/GBP has been trading.
I drew a resistence line around the 0.8700 level. This hourly chart below shows a nice rally last night and a potential reversal. I shorted a few lots around 0.8650.
Risk: ~50 pips
Reward: ~65 pips
I drew a resistence line around the 0.8700 level. This hourly chart below shows a nice rally last night and a potential reversal. I shorted a few lots around 0.8650.
Risk: ~50 pips
Reward: ~65 pips
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