June Trade # 3 - SELL USD/CAD

June 1, 2009 4:33 pm (Manila)

Lot 2 is out at + 84 pips.

Trade Summary:

Lot 1 +30 pips
Lot 2 +84 pips

Total + 114 pips

Great day 1 in June!

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June 1, 2009 3:00 pm (Manila)

Lot 1 is out at +30 pips. Moving second lot to breakeven to make this trade risk-free.


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June 1, 2009 9:00 am (Manila)

SELL USD/CAD @ 1.0884
STOP - 1.0940
Limit 1 - 1.0854 (+30)
Limit 2 - 1.0800 (+84)

Reasons:

1.) Trading on speculation. At 8:30 pm toninght (Manila), Canadian m/m GDP data comes out which I expect to be better than expected. This is bullish for the CAD.

2.) A setup to SELL formed on the hourly chart this morning after a brief retracement.

3.) I believe Dollar weakness continues and will spill-over this week.