My GBP/USD Trade (21-09-2007)

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

Hi guys. Today, I didn't initiate any trade because I am still holding on to my GBP/USD trade which I initiated from the night before.

Last night, (20-09-2007), I initiated a long position on the GBP/USD at 12:45am (Singapore Time). GBP has more strength against the USD compared to EUR. If I were to buy, I will prefer to buy on GBP/USD compared to EUR/USD.

So, I was waiting for the right moment to enter the market after it ran towards the 200ma in my hourly chart. It had two downclose and I initiated my long position when the second downclose candle touches the 6ma in my hourly chart at the price line of 2.0109. This is a little bit of an aggresive trade.

My stop loss is at 2.0065 (at parabolics) and my target profit that I am looking is at 2.0235 (Near to the high of 14-09-2007). My long position is still open and I am keeping it to see if it can reach my target profit. As of now at 1:55am (Singapore Time), 22-09-2007, the current price is at 2.0190. I am already 81pips in the money.

I will post the outcome of this trade in time to come when I decide to close it or if it reaches my TP and my "OCO" is triggered :)

Peace and trade safely everyone...