EURGBP trade to begin our trading week.  I teach my students to keep an eye on this pair when the EUR is moving one direction and the GBP the other direction.  Two advantages to trading this pair include; it tends to move at a slower and steadier pace than the either the EUR or GBP and it is crossed with the GBP, so currently each pip is worth 1.54 times what a USD crossed pair is worth.

The EUR began to move up during the UK session with the GBP moving downward.  After a wicky candle bottom the EURGBP began to rise and close back above its Asian session low.  It tested and re-tested the Asian session high before rising through our Targets 1 and 2.  With a small stop and a greater that 3:1 Reward to Risk ratio, this trade started our week very positively.  As the UK session ended, it was still looking like it had a bit of momentum to the upside, so we held on a few minutes longer than usual to close it out.  This was an excellent way to begin the week.

There was also a very nice setup on the GBP (not shown) so all in all, a very profitable session.

Let's see what the rest of the week brings us.

Good luck with your trading!

Michael  www.privateforexcoaching.com