Today was critical day; preliminary GDP and unemployment claims. My hunch told me that the numbers could be weak, so when the EURUSD was trading at about 1.2940 at 8:15am Eastern time, I decided to put in a LONG limit order at 1.2970 with a SL at 1.2950 if things were to go wrong.
When 8:30am rolled around; the GDP came in at 2.4% below forecast of 2.5%, and unemployment claims was higher at 354K versus expectations of 342K.
The EURUSD within 10minutes triggered by limit LONG order at 1.2970 and within the next hour it hit 1.3030 which was my take profit level. We locked in trading profits of 60bps or 0.46%………..great trade! Of course, it went to a high of 1.3060 an hour later, but then again, we can’t always buy at the bottom and sell at the top.
What’s important is to execute a prudent strategy.
Goodnight all, I am going to play golf tomorrow, so no trading for me.
The Panthenon Investment Group 