Trade Euro Pound with Ichimoku

March 17, 2009

I happened to see the price go above the cloud at 7:00 GMT, so I decided to long this pair.  I entered a buy limit at 0.9240.  I wanted the win/loss ratio to be 1:1 and leave enough room for stop loss just in case the price goes back down and penatrates the cloud and then bounces right back up.  So I set the stop loss at 0.9180, and the take profit at 0.9300.

The order was filled at 7:32 GMT.  I adjusted the stop loss from 0.9180 to 0.9242 at around 19:08 GMT, 2 tips above the entry.  The 2 pips should be enough to cover the interest expense.  I’ll watch how the price movement goes and adjust the stop loss or take profit accordingly later.

See update here

Euro Pound Ichimoku 3/17/09

 

 

This entry was posted on Tuesday, March 17th, 2009 at 1:17 pm and is filed under EUR/GBP, Ichimoku. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Trade Euro Pound with Ichimoku”

  1. Simple Forex System Trading » Blog Archive » Trading Euro Pound with Ichimoku said:

    Mar 18, 09 at 10:14 am

    [...] This is the continuation from yesterday’s open buy position of EUR/GBP.  Our target, 0.9300, was hit at 7:25 GMT.  We took in 60 pips of profit. [...]

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