Hi,
I have a few trades working this morning, and I like the price level of the GBP/USD, so I bought a unit of the pair at current market levels (1.83). My stoploss is at 1.579, and my take profit level is 1.59.
It's got some support in and around the 1.579 area, and looks to be rebounding on that support. Another intraday trade here, I am not confident in the longer-term picture at the moment because of the extreme price levels of some of the pairs. I am not convinced they are going to keep going so until I feel confident with the direction of the trend I will trade with tighter stoplosses and with fewer units. I will let the charts guide me, and will post my findings, thoughts, and trading plans here. You can stay totally up-to-date by following me on twitter.
I will spend the rest of the day monitoring the trades I currently have open.
Talk to you soon.
(Trade C046AS)
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From the Desk of
Aaron Reid
Forex Strategist
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