Postcards From the Right Edge

Trade setups and other nonsense from Rob Booker, Currency Trader...

... and Derek Frey, Head Trader at Odom & Frey Futures, FOREX & Options.

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EUR/GBP - Another Crack at a Buy?

Posted on August 1, 2007 at 15:03 in New Trade Idea by Rob BookerNo Comments »

The pair is back inside the ascending channel. Could we get a crack at another buy trade? I’d like to buy the pair if it can close above the blue dashed line (pretty much next to the top fibble). The profit target will be the top of the channel.

Tags: Britain Pound, Euro, forex, Pound Sterling, rob booker, trading

GBP/USD - Daily Chart Channel Return

Posted on July 31, 2007 at 14:42 in Trade Idea Result by Rob BookerNo Comments »

Today we’re looking at some of the plans we made in the past, and seeing what happened to them. In this case, as with the AUD/USD below, I sort of totally forgot about the idea that I had planned, and today for the first time looked back at the charts. Here’s an update on the GBP/USD chart, which I mentioned back on July 17. I was going to sell the pair on a break of a trendline and target the top of the channel. Here’s what it looks like now:

Could we have bought the pair at the top of the channel, on that doji-star-reversal style candle? Yes. I am sorry that we didn’t plan that earlier (but please let’s all remember next time!).

The next idea is to sell the pair if it falls inside, and closes inside, the channel. The top fibble would be our profit target.

Tags: Britain Pound, British Pound, forex, rob booker, Sterling, trading

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