My GBP/USD Trade (05-12-2007)

*Attached charts. Click on it for the enlarged version.

Hello everyone. Today, I did two trades, one on the USD/JPY and the other is on the GBP/USD which is this one being posted :)

Today, after the big downward move that I saw on the GBP/USD, I didn't rush in to initiate a short position. I waited to see what will the market do.

When I saw an upclose candle which forms into a "Harami", I waited and I didn't see any buyers commitment in the market, so I initiated a short position on the GBP/USD at the price line of 2.0380 at 6:07pm (Singapore Time). My stop loss was at 2.0440 and my target was at 2.0220. I shifted my stop loss to 1pip away from entry price at around 10:15pm (Singapore Time) when I was 50pips in the money.

By the time it was 11:00pm (Singapore Time), I saw a loss in momentum in the market. I manually close this trade at 11:19pm (Singapore Time) at the price line of 2.0320. 60pips profit for this trade and a total of 72pips for today :)

Peace and trade safely everyone...