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Close Open Orders: 2007-02-16 08:25

We have housing and inflation data coming out soon, and these our potentially volatile reports. The market has moved about 50 pips away from our orders, so we will cancel open orders to avoid event risk.

Trade Idea: 2007-02-15 23:43

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We saw a sell off in Cable after the weaker than expected retail sales numbers early yesterday. Against the dollar, we saw a strong move from 1.9680 all the way down to 1.9500. According to stochastics, this run may be out of steam, so we will see if we can get a quick profit from a possible retracement off the strong move.

Here’s a trade idea:

Buy GBP/USD at 1.9550, stop at 1.9530, pt1 at 1.9570, pt2 at 1.9590

Remember to never risk more than 1% of your account on any single trade, so please adjust your position sizes accordingly.

We do have event risk in the morning with the monthly US Producer Price Index numbers, Housing Starts, and Consumer Sentiment. Depend on price action during the Euro session, we will make trade adjustments accordingly. Good luck and good trading!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.