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Morning Trade
By Laetitia Vaval | September 20, 2007
This morning I decided to range trade the GBPUSD. At around 9AM - the range was about 2.0047 - 2.0113. I got long at 2.00754 (had a stop at 2.0020) and exited my position 2.00845 a 9.1 pip gain. Got back in again at 2.0975 and out at 2.01155 - an 18pip. I traded the pair a few more times throughout the mornign and all in all was very profitable, but here again I could have made a lot more profit had I not been sitting in front of the computer the whole time. I kept looking at the 1-minute chart and second guessing my decision. Had i entered, a stop and a limit and walked away, I could have made over 700dollars in profits since my target price was 2.0136 which was hit a little bit later.
Also, I am short the USDCAD. I am going to hold this trade overnight since Canadian Retail Sales will be released at 8:30Am EST tomorrow morning. The odds of a positive surprise are pretty high since Canadian Wholesale sales were released this morning (+2.0% vs +0.5% expected), and wholsesale sales can generally be interpreted as an early indicator of positive retail sales.
Tags: cad, currency trading, dollar, forex, forex trading, gbp
Topics: Wall Street Warrior |