Wednesday, July 18, 2007

The British Pound Continues To Rally

The British Pound had another nice move up today and as you can see the rally has been quite sharp over the past 5 weeks.

I exited the last 25% of my long position today because my profit objective was met. If you look at the rally from point C to D, you will notice that it is exactly the same as the rally from point A to B. This to me is a great place to exit longs.

This trade was a huge trade because of the large move the British pound had in such a short period of time. On my other blog I posted my reasons for being bullish right at the lows on June 14th. You can read why I was bullish by clicking here and here.. How sweet it would be if all of our trades worked out like this one did.

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