Pair: British Pound Futures
Result: Buy (straddle)
Prior: 7-2
Expected: 8-1
Actual: 9-0
We were expecting 8 members of the board to vote for the recent rate rise and 1 to vote against. The number came out as everyone in favour so that pound strengthened on this news. Interest rate rises strengthen a currency and when traders learn that all members of the board were in favour of rate rises, this gives more weight to the decision.
I got in long at 1.9724 with 2 contracts and took 10 ticks profit on half the position at 1.9734, second target 1.9744. When the first target was hit I moved the stop to breakeven + 1. Price came down and took out my breakeven stop after hitting the first target, so the second target did not get hit, even though the market did move there after my stop was hit.
Nice little trade, I did it for fun more than anything. I wasn’t willing to risk much on it.
February 3, 2008 at 5:06 |
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Recently leaked footage of the new Paris Hilton sex tape.