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Daily Archives: June 3rd, 2013

Trade: LONG Limit Order EURUSD at 1.2970, spot was 1.2962

I had a hunch the ISM Manufacturing number for the U.S., would come in weaker than expectations.

So, I placed a LONG limit order at 1.2970 with a SL at 1.2950 when the spot was at 1.2962.

When the data came out weaker at 49 versus expectations of 50.6, the EURUSD pushed upwards, triggering out limit order at 1.2970.

We squared the position at 1.3014 for a trading profit of 44bps or 0.33%.

I am done for tonight, back to watching Korean drama and keep my wife company.

Goodnight all, see you tomorrow.

RBA Rate Decision Tuesday, 4 June 2013 @ 12:30pm Singapore time

What can we expect from the RBA?

Will the RBA reduce rates again?  I am not so sure that they will as the Aussie economy is not in such bad shape.

I will share my thoughts with you and also potentially a trading strategy.

Tune in.

Trade: LONG GBPUSD limit order at 1.5260 when spot was 1.5240 and squared at 1.5280

Today, was a day the market was looking out for the UK PMI data.  Gladly, the Eurozone PMI data came in slightly upbeat.

Believing that the UK data will also come in slight brighter, I put in a LONG GBPUSD limit order at 1.5260 when the spot was trading at 1.5240.  I purposely put it 20bps out of the money, just in case I was wrong.  I also had a SL at 1.5245.

When the data came out better at 51.3 versus expectations of 50.3, the GBP started to take off, triggering my order at 1.5260, as it reached 1.52780, we squared the position.

Ultimately, it hit a high of 1.5289 and has since come back down to 1.5265.

We locked in trading profits of 20bps or 0.13%, not a bad quick scalp for the day.