Since opening this trade in the beginning of July we have seen the USD take off and gain ground against most pairs. The dollar index (another one of our trades) has also seen some fantastic gains since July and we are starting to look at some of these targets beginning to close.
With the position being opened in the 5.4000 area, we now see that price has continued to move towards our long term target in the 5.7000 area. As we move closer to this area we will be tightening up stops to avoid any loss on earned gains. This trade will account for a very nice gain on our entire account in the last 8 weeks and as we close in on the target we will be looking at a few key factors in either taking the position out completely or extending the target to look for more profit. This position started out with less than a 0.5% risk on accounts and at this point will pay many times that risk, even if taken out on a stop rather than the target. However at this point in this trade the target seems a more likely exit than our trailing stop.