15 Nov 2007

1. Current position:
Long at 2.0730 (catches it at the wrong time and now paper losses)
Position short at 2.0700 triggered TP at 2.0570.
Position short at 2.0820 filled and triggered TP at 2.0700

2. Open position:
I have placed short at 2.0550, TP at 2.0375
No long position as I expect should a break north occur it would be at 2.0650, which is compensated by my exisiting long at 2.0730 (80 pips less).

3. Personal expectation:
I believed GBP will continue to move down to give CCI a oversold state. On the contrary, as 2.0600 and EMA55 (1 day) form a strong support line, know when to abandon short position should GBP rebound and break north. I will put the first support at 2.0430 and the second at 2.0220. Resistance at 20650 and 2.0760