Wednesday, April 1, 2009

April Trade # 2 - SELL GBP/USD

I exited the first half with +25 pips ( I had to leave my pc to do other stuff) then moved the 2nd half stop to breakeven. The pair quickly reversed in the middle of the day and my 2nd half got stopped out at breakeven.

Summary for this trade:

1st Half: +25 pips
2nd Half: 0 pips

Total: 25 pips

Closing 1/2 of the trade and moving to breakeven stops for 2nd half when I need to do some other things is a "keep-my-ass-secured strategy.

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This is the right trade for today.

SELL GBP/USD @ 1.4299
STOP @ 1.4368
LIMIT 1 @ 1.4269
LIMIT 2 @ 1.4239

UK Mfg PMI comes out tonight (expected to have results that will be bearish for the Pound).
US ADP Non-Farm Employement Delta comes out tonight (expected to have results that will be bullish for the greeback).

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