TRADE UPDATE on 16th September 2010 (Thursday) 8.39pm Singapore Time.

The trade that I took got stopped out as the price touched my stop loss point and continued to go up another 100 + pips. Well, this is part of trading. As traders, we have to be able to take losses when it comes.

Pound Swiss Franc 4 Hour Chart Technical Analysis

Pound Swiss Franc 4 Hour Chart Technical Analysis

A learning point here is that, the initial reaction to the news might not be carried through for the rest of the day. However, I will be waiting to put another short position on the pound soon.

~Ardy~

Singapore Trader’s Forex Blog

UK Data 16th September 2010

Breaking UK News

Latest data from UK sees the British retail sales dipping 0.5% monthly in August. Sales were up 0.4% compared to the same month last year and this new data is not helping the Pound at the moment. Economists had made a forecast of a 0.3% monthly rise and a 2% year-on-year increase but with the actual data coming out weaker than suggested. The market at the moment looks like it is going to punish the pound. The Pound has dropped and looks like it can drop a lil bit more.

Pound Franc Analysis on 16th September 2010 on Singapore Trader's Forex Blog

Pound Franc Analysis on 16th September 2010

Based on the fundamentals and looking at he charts, I have taken a short trade in the Pound Swiss Franc cross. Entered at 1.56032 and targeting a take profit level at 1.55326 (A 70 pips gain). A stop loss level at 1.567 (A 70 pips loss). This trade has a risk reward ratio of 1:1. I am very ok with this as to me, I would like to keep my losses small and any profit is good for me as long as the risk doesn’t exceed the reward.

Wish me luck!

~Ardy~

Singapore Trader’s Forex Blog