Our menu for today as usual ,the EU/GU or EURGBP. The news certainly have made some moves this past tuesday and monday and we begin to see upwards movement on EURUSD and downwards movement for GBPUSD. The correlation have been steadily increasing over few weeks now. This also goes well with our short bias for Euro since im waiting for a short trade.I will await for the hedge range to spell 'ok' as the above is "trading : None". We will give it some time to complete the upwards movement, before we pull the trigger.
Plotting a trendline on EURGBP and waiting for the trendline break and confirmation will give us more accuracy for our trade.A bounce from the upper BBAND will help us recognize if we are ready to trade. The length of time to reach the TP will be decreased drastically than opening it now.Not to mention lesser risk.Nevertheless i will proceed to add/average the trade if it goes to -100pips.TP will be set to 20 -45pips or the extreme BB.
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