Trade Closed: 2007-05-08 09:05
After a few days of waiting, our trade finally made the move down as the British Pound made rallied against the Euro this morning to hit our profit target at .6800. So, we were right in our outlook on the British Pound against the Euro and got in a nice +50 pip total.
1st half: +20 pips
2nd half: +30 pips
Total: +50 pips
Trade Update: 2007-05-04 15:25
We are still in our short position in which we averaged in at .6830 and .6820 for a blended price of .6825. Now that the tension of the monthly US Jobs data is out of way, hopefully normal trade conditions will resume. I still see this pair going down as market sentiment is towards a possible rate hike in the UK. The market is currently trading around .6820, and we will hold onto our position and target .6800.
Trade Update: 2007-05-02 22:30
Our trade was triggered earlier this morning as the pair rallied in the morning US session to trigger our upper short order. EUR/GBP found resistance around .6835 and is currently trading sideways. I am going to add another short position on as it looks like the pair is oversold and may turn down again. Here’s the trade order:
Short half position EUR/GBP at .6830, stop at .6845, pt at .6810
Cancel orders to short at .6970
Trade Idea: 2007-05-01 15:05
Cable has made a nice run in the last couple of trading sessions as the outlook for inflation is still higher and we just saw retail data better than expected today with the CBI report. With all of the positive data out of the UK, we are definitely bullish on Cable, so we will short EUR/GBP as a low risk way to play our view on the Sterling. Also, as we go short, we should collect a little bit of interst for as long as we hold our position based on the interest rate differential of 1.5%. Nice little bonus!
Since we just saw a strong move, we will jump in short on any retracement we see, or if the pair breaks below 0.6800. Here’s a couple of trade ideas:
Short half position EUR/GBP at 0.6820, stop at 0.6845, pt 0.6790
Short half position EUR/GBP at 0.6790, stop at 0.6820, pt at 0.6770
Please remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.
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