SEPT TRADE #2 - BUY GBP/USD

Sept 2, 2009 4:00 pm (Manila)

Trade is out at breakeven as UK Contruction PMI disappoints. At one point, the trade was 1 pip from hitting the first limit. I moved the stops to breakeven when the pair began a descent sometime noon. Not bad, there are more pips to win in other days.

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Sept 2, 2009 9:50am (Manila)

BUY GBP/USD @ 1.6161
Stop - 1.6103
Limit 1 - 1.6191
Limit 2 - 1.6254

At 4:30 PM, UK Construction PMI comes out which I expect to be bullish for the Pound.

Hedge:

ES SELL GBP/USD @ 1.6103
Stop - 1.6161
Limit 1 - 1.6073
Limit 2 - 1.6043