Thursday, February 25, 2010
GBP/USD Trade Update
The GBP/USD trade is tracking very well immediately after executing my sell stop order last night. The trade has me 175 pips in the profit right now and I want to protect that gain. So I closed half my position at 1.5215, and moved my remaining position to breakeven at 1.5393 (accounting for a 3 pip spread). I may want to re-enter that half position if a new low is acheived below 1.5185 but I want to see how the EUR/USD reacts today. 1.3500 has been solid support for this pair and it seems that the market doesn't want this level taken down as it has held up very nicely compared to the other majors.
In summary, I closed half my GBP/USD short position at a 175 pip profit, and move my stop loss on the other half of my position to breakeven at 1.5393 (accounting for a 3 pip spread).
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.