View last post for this trade here: http://vantagepointtrading.com/archives/1071

Original post can be viewed from that post. Entry was at 1.2719

This trade has already realized a 500 pip profit on part of the position. Profit targets hit so far are 1.2430 (a 289 pip profit). We have also hit the target at 1.2200 (a 519 pip profit).

Currently we are trading at 1.2290 – well onside. Yet the large drop has also caused a short term oversold condition (13 on RSI), while prices have so far held above the former swing low. This does not mean we are about to head higher but it makes it less likely we will head lower in a hurry.

Bring in trailing stop to 1.2377. But we want a close above this level. If you use a different time frame on your charts than I do, at least make sure the US market close is above this level.  If we do continue lower, next profit target is 1.1850.

(square box is our entry, circles are profit targets hit so far.  Black line is current trailing stop – based on a closing price)

~Cory Mitchell
Market Strategist

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