Trade Closed: 2007-10-04 09:45
We reduced our risk before the event by closing half of our position to lock in 15 pips. The rest of our position closed out for +80 pips as the pair hit our second profit target on it’s way down. Hope everyone did well!
1st Half: +15 pips
2nd Half: +80 pips
Total: +95 pips
Trade Update: 2007-10-03 09:45
We have ISM Non-manufacturing data coming up at 10:00 am EDT. I would like to reduce my risk ahead of the potentially volatile report by closing half of the position at market (1.4185) to lock in some profit and adjust stop to break even.
Good luck and stay tuned for updates!
Trade Idea: 2007-10-02 23:45
It was a rough day for the Euro, as it sold off against the Greenback on an announcement from the ECB may hold rates at 4%. This may continue in the near future as the Dollar looks a bit over sold and in desperate need of a correction.
It is also expected that we see a short term Dollar rally ahead of this week’s US jobs data, which is expected to show hiring growth. So, if we see a retracement back up to major level of 1.42, we will short this bay boy and see if we can catch some quick pips on a possible longer term retracement. Be careful of US data later today as we are expecting ADP jobs data and the ISM Non-manufacturing data.