So far, the GU has given us some very nice pips. See h4 chart. As expected, it broke below the lower trendline and continued down. We were able to book some profits and let the rest run anticipating 1.5500. Of course, we will be watching closely for any changes in the market which may prompt us to exit the position. If you notice the bear flag on the GU 4 hr chart, it actually has a target of about 1.5150. Although, as we all know, nothing moves in a straigh line and that is why we lock in pips as we get them. Its very possible for the pair to retrace and test the trend line before finishing out the pattern. if that should happen, I will book the rest of the profits and look for another entry around the TL test.
