Trade Closed: 2007-09-06 13:35
Our position was closed out after this morning’s volatility which has put Cable back in the previous resistance area around 2.0230. I would short this bad boy once again, but with NFP coming up tomorrow, I think I will hold off until after the report to take on a new position.
1st Half: +50 pips
2nd Half: +00 pips
Total: +50 pips
Trade Update: 2007-09-06 08:35
Cable rallied highed enough during the European trading session to trigger our short entry at 2.0225 and then fell enough to hit our first profit target.
We closed half of our position at 2.0175 to lock in 50 pips. The stop on the remaining position should be moved to break even to create a risk free trade. We will hold onto this position and see what happens after ISM Non-Manufacturing data today at 10:00 am EDT.
Also, I will be hanging around our chatroom today from 9:00 am EDT to 11:00 am EDT. So, stop on by and say hi!
Trade Idea: 2007-09-05 22:12
As we look at the chart we can see the pair trading right around the down trending 240 MA’s and finding resistance around 2.02. Stochastics are indicating the pair is overbought.
I’m looking to short Cable to go along with the longer term down trend and I think without major surprises in UK data and if the MPC holds rates as expected, we may see Cable drop. Alright, enough chit chat… on to the trade:
Good luck and good trading!