My GBP/USD Trade (19-09-2007)

*Attached chart, click on it for the enlarge version.

Greetings people. Today, I was kind of forcing myself to be patient with the market :P It seriously started off slow today and I have to trade with a clear mind after my trade last night on the EUR/USD :P Hahaha!!!

Anyway, today, I was analysing the EUR and the GBP and I saw that the GBP was weaker compared to the EUR. At 3:00pm (Singapore Time), the candle was forming into a big downclose candle, a big bearish engulfing! I initiate a scalping short position on the GBP/USD at the price line of 2.0101 at 3:40pm (Singapore Time). Target profit at 2.0060 (23ma at the point of time) and stop loss at 2.0121. Risk reward ratio of around 1:2.

My target profit was triggered at 4:40pm (Singapore Time) with a profit of 41pips for this trade while I was at Singapore Post Office :)

Peace and trade safely everyone...