Today was just what I was looking for with this pair. After scaring me this morning for a little bit, we got to see a nice 100 pip pop by this afternoon. Thus, I am raising my stop from -80 pips to -30 pips.

So the good news is that I have really increased my Reward / Risk ratio after today’s move. The bad news is that the trade is not out of the woods yet as the price is approaching the top of this month’s trading channel. If it can break out then it should be off to the races, but that breakout is by no means a given. I could take my 80 pip profit off of the table right now, but I’m going to see where I’m at after tomorrow and then decide whether or not to scale out of a portion/all of my position.

I’ve been watching all of the other currency pairs closely, but still have yet to find anything else worth taking at this point.