June Trade # 2 - BUY GBP/USD

June 1, 2009 2:03 pm (Manila)

Unfortunately the second half of this trade got stopped-out at breakeven. A wonderful trade nonetheless.

Summary:

1st Lot: +30 pips
2nd Lot: 0 pips

Total: +30 pips

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June 1, 2009 9:19 am (Manila)

Limit 1 has been hit at +30 pips.

Stop for 2nd lot has been moved to breakeven. Trade now risk-free.


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June 1, 2009 9:05 am (Manila)

BUY GBP/USD @ 1.6193
STOP - 1.6149 (-44)
Limit 1 - 1.6223 (+30)
Limit 2 - 1.6300 (+107)

Reasons:

1.) I'm trading on speculation. At 4:30 PM this afternoon (Manila), UK PMI data will come out. This is expected to be positive for the Pound and thus will press the dollar lower.

2.) I believe that the dollar sell-off that started last week is not over and will continue this week.

3.) A setup formed on the hourly charts. A hammer bounced off 1.6159.