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Daily Archives: March 27th, 2014

Trade: Long GBPUSD at 1.6580 and squared at 1.6620

I felt that the GBPUSD was bottoming, based on Fibonacci; the recent high was 1.6795 and the recent low was 1.6273 with the spot of 1.6560 hovering just above the 50% retracement level.  Again coming up from a lower level a few days ago at the near 38% level.

The uptick seemed somewhat convincing and I also felt that the retail sales numbers today would come in better, so I placed a Long GBPUSD, stop if offered at 1.6580 when the spot was at 1.6560 with a SL at 1.6550.

As it turned out the retail sales came in firmer at 1.7% versus expectations of 0.5%, and the GBP firmed up passsed 1.66.

I squared the position at 1.6620 for a trading profit of 40bps.

Trade: Short EURUSD at 1.3795 and squared at 1.3775

On March 24th at about 4:45pm, I decided to short the EURUSD at 1.3795 with a SL at 1.3815 with a view that the Euro would weaken based on my techincals.

However, when the US session opened, it appeared that the Euro wasn’t going to soften that much so I decided to square the position at 1.3775 for a small trading profit of 20bps.