My GBP/USD Trade (10-06-2008) --- Position Squared

*Click on the images (Before & After) for the enlarged version.

Hello everyone,

Today, I was looking at the GBP/USD for no apparent reason :P Hahaha! It was actually the nicest compared to the other 4 majors this morning. Anyway, it was nice while I was scouting the charts in the morning.

I initiated a short position at the price line of 1.9630 at 03:11pm (Singapore Time) | 07:11am (GMT). What I saw was a simple price action movement and price broke below my 200ma which happens to be around the [Ash Weekly Pivots], only found that out when I reached home from the bank.

To support what I was seeing, the MAs are down, Fast [Ash C Wave] is down and [Ash Cross Over] not yet crossing up. Hence, waiting for my entry price at 1.9630.

Stop Loss at 1.9655 (25pips) and Target Profit at 1.9540 (90pips). Risk : Reward = 25 : 90 = 1 : 3.6.

When I was still at the office at around 05:42pm (Singapore Time) | 09:42am (GMT), I shifted my Stop Loss to 1.9610 (20pips). When I left the office at around 07:00pm (Singapore Time) | 11:00am (GMT), I was around 50pips in the money.

I went out for dinner with my wife and reached home at around 10:00pm (Singapore Time) | 02:00pm (GMT), my Target Profit has been hit at 09:16pm (Singapore Time) | 01:16pm (GMT).

90pips profit for this trade :)

Peace and trade safely everyone...