Foreign Currency Trading

Friday, June 25, 2004

Trading Plan 6/25/04

Only looking to trade GBP today. We had weak GDP #'s
but a stronger Deflator. Was able to profit from GBP
going up. I would still be buyer once the Michigan
Confidence # is out. My bias for GBP/Euro strength is
I feel that traders might go long since its less than
6 days away from handing over of Iraq. People might
not want to be long Dollar into the weekend, fearful
of world events and that deadline looming. On the
technical I know we are in a midterm downtrend and
key resistance points failed. I will be very tight
with my longs and based on the 10am #'s, I will have
the conviction to go long. I might, might change my
plan and go short. I will not be stubborn in my plan,
today I will be flexible.

GBP:
Support: 1.8190 / 1.8173
Resistance 1.8260/ 1.8290

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