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05/12/2014: Trading Idea SELL GBP/USD


Trade:    SELLING  GBP/USD

Entry:                    @ $1.5680

Target:                  $1.5585 (a test of the range low)

Stop:                     $1.5730 (breaking yesterday’s reaction high at $1.5725)

Reason: I am bearish on Cable, and the rate is already 30 pips lower today, however markets tend to consolidate in front of Non-farm Payrolls and this could mean Cable coming back towards flat. $1.5680 is an intraday resistance. I see the rate falling ultimately to retest the recent range low though (and then lower).

 

Trading Update on previous trades:

I remain short of FTSE 100 (28/11/2014) and the position has been flying around between profit and loss in recent days. I am currently 17 points offside. My stop is still at 6755 which I am happy with. I expect today to again be volatile due to Non-farm Payrolls.

I am also still SHORT Gold (02/12/2014) today at $1205. The position is currently slightly on-side by around $1.50.

As at 03/12/2014 I am SHORT on NZD/USD at 0.7780. I am currently around 18 pips in profit.


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