My GBP/USD Trade (18-02-2008)

*Attached charts (Before) & (After). Click on it for the enlarged version.

Hello everyone,

On the 18th of February 2008, I have shorted the GBP/USD at 3:12pm (Singapore Time) | 7:12am (GMT) at the price line of 1.9580. Initiated the trade with candle pattern analysis plus technical analysis has suggest that GBP/USD will go for a continuation on the downward move.

Initial Target Profit at 1.9440 (140pips), Stop Loss at 1.9610 (30pips).

When I was around 70pips in the money. Have already shifted my Stop Loss to Protective Stop at 1.9560 (20pips in the money).

The next day 19th of February 2008, I want to be more conservative, I shifted my Target Profit to 1.9445 (135pips) and my Protective Stop remain at the same position, 1.9560 (20pips in the money).

Today, 20th February 2008, I saw that 1.9460 was an immediate barrier. Shifted my Target Profit to 1.9460 (120pips). My Target Profit was trigerred at 5:53pm (Singapore Time) | 9:53am (GMT).

120pips profit for this trade. 3days of holding.

Peace and trade safely eveyone...

Note: GBP/USD has broken below the closing wedge under Daily charts. Look for continuation on the down side.