Close Trade: 2008-04-01 10:20
Our trade was triggered during the morning European trading session and it looks like traders bought in at that support area. Our first profit target was hit and we locked in a few pips, but with a strong US Dollar rally on positive ISM data, we will close the rest of our trade at market.
Close remaining position at market (1.9780)
1st Half: +80 pips
2nd Half: + 20 pips
Total: +.625% gain
Trade Idea: 2008-03-31 20:24
Tonight, we will take a look at “Cable” as it approaches a support level tested, and held, a few times before. Will that support hold, or will hit break away?
On the chart, we can see where the pair has held, and I look to play that support once again, especially as stochastics lay in oversold territory.
We do have event risk tomorrow with UK Manufacturing PMI and US ISM Manufacturing Survey. Both are viewed as strong economic indicators as they measure purchasing manager’s sentiment in the manufacturing industry.
So, we will go long if the pair reaches the support level.
Long GBP/USD at 1.9760, stop at 1.9680, pt1 at 1.9840, pt2 at 1.9920
Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.
Stay tuned, good luck and good trading!