Forex Miami Beach.com - 7/2/09 Non Farm payrol and Unemployment change

A post-Opening Bell Cable short trade as the price action retraced into a vanilla indicating to the down-side. The entry point for phase 1 of the trade was at 1.6400 (big figure) with a plan to scale into the trade with another position if it moved against us at around 1.6413 - 1.6415. The stop/loss was placed above ~1.6420. Our take profit target area was 1.6390 (~10 points profit target), but this target was never reached. If profits weren't taken at ~1.6392 they were lost. The entry point for phase 2 of the trade was at 1.6410 / 1.6411 on a quick bounce up, followed by a quick slide back down where we took profits for the second time. Unfortunately, quick price action caused some slippage. But none the less a great trade taken shortly after Non-Farm Employment Change and Unemployment Rate news was released and Trichet was speaking.

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