13/9/2011 Update to GBPUSD & EURCAD Shorts

Fellow Traders,

Here’s a quick update to Fridays post about being short on GBPUSD and EURCAD which you can read here.

First off the EURCAD.

You may recall I was short on the daily chart @ 1.38320 based on a simple price action set-up.

Price has continued to descend and I’ve simply trailed my stop as per my plan. As of this morning my stop is at 1.3700 so I have so far locked-in 120 pips of profit. The Euro is pretty wild across the board at the moment so I’ll just keep trailing my stop and see what the market wishes to offer me.

Next up the GBPUSD.

As with the EURCAD trade this was a simple Price Action Based Trade from the daily chart which had me short from 1.5908.

GBPUSD has continued to move down and as per my rules on this trade the stop-loss has been trailed accordingly. The Stop is now at 1.5908 my entry point so I’m in a risk free trade.

There is a level of support in the 1.5785 area that price has bounced off a couple of time now. I suspect that if it does not break then price will head up and take out my stop. However as always I just follow my plan and so what happens.

I’ll keep you posted. Until next time, trade well.

FXTraderPaul