Today in the trading room we identified two trades. Both were long the Euro in the face of the crisis in Greece. Once again the patterns prove that standing against the herd pays the best. But only if a pattern with solid risk to reward is present. Click on the chart below for a clear view
Derek Frey
www.elementaltrader.com 
5 Comments
Today we are seeing a Bullish Butterfly pattern develop in the GBPCHF pair. This pair is one of the more volatile ones so extra caution is advised. We are long from 1.3488 with stops at 1.3434. The target is move back to and even through 1.3689 so we are risking 54 to make 201 or silghtly better than 1:4 risk vs. reward ratio. This pair is bouncing off of all time lows so this is going to be a volatile trade and not for the weak hearted.
Derek Frey
www.elementaltrader.com
3 Comments
Update: We are now (9:30 pm EDT) moving stops to breakeven on this trade.
Update: Moving stops to 82.34, and locking in 21 pips of profit.
Update: Exited trade for 21 pip profit.
Derek Frey
www.elementaltrader.com
2 Comments
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