Trade Close: 2007-07-20 14:50
Well, after a few days of no trades, we were finally triggered on our short orders as UK GDP came in slightly higher than expected at 0.8% and more USD selling. Unfortunately, it did not work out in our favor as the upward momentum easily took the pair to our stop at 2.0585.
Total: -40 pips
Please close all remaining orders and go enjoy your weekend! 🙂
Trade Idea: 2007-07-19 23:35
Good evening! Okay, I didn’t want to do it, but we’re going with Cable one last time! Haha. Well, we have UK GDP later today, and market sentiment is that it will come inline. With the lack of any major news tomorrow, I expect Cable to be range bound as we close out the week.
On the chart, we can see that the pair failed to break above 2.0450, showing that recent UK data has changed the strong bullish sentiment, and that the recent rally has just been on USD weakness.
So, i am short bias for the very short term. If we do see volatility later in the European trading session, it may be enough to trigger orders at the support an resistance levels I have drawn out on the chart. So, here’s our trade idea:
Short GBP/USD at 2.0545, stop at 2.0585, pt1 at 2.0525, pt2 at 2.0500
Long GBP/USD at 2.0440, stop at 2.0400, pt1 at 2.0460, pt2 at 2.0480
Remember never risk more than 1% of your account on any single trade. Please adjust position sizes accordingly.
Let’s end the week strong! Good luck and good trading!