Learn from Booker

March 14, 2006 by Trader Rich 

More Booker Today:

The pair closed above the channel top.  I am very bullish on this pair right now.  The channel is about 500 pips wide, and that means that I am looking for a move above the channel of 500 pips, give or take 50.  The pair broke above the channel at 205.20-30 or so, and that means we are targeting 210.00 for the profit target.

Rob Booker

 

 

 

 

I took the first part of this trade with a small lot size (a fraction of my regular trade size) so that I could safely place my stop back inside the channel at 203.60.  This means that I have plenty of room for the pair to bounce around.

This trade is not risk free!  Even though it seems to be on a trip upward, we could see a sudden reversal in this pair.  Do not ever risk a substantial portion of your account on 1 trade or set of trades.  Make sure you limit your risk on wide stopped trades by reducing your trade size.

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Comments

One Response to “Learn from Booker”

  1. Greg Wilson on March 17th, 2006 8:21 pm

    I like Booker’s comments above. I’d say we are in sync with our style of analysis, caution, etc.

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