ForexSpirit

Since the nice move that occured after the release of the ISM manufacturing index (which printed below 50, thus showing signs of contraction within the manufacturing sector) last Friday, price has been pretty rangebound around the median line level at 1.33.

A small breakout south this morning seems to suggest that the 1.325 level is acting as minor support for now.

I managed to capture a nice chunk of the ISM manufacturing move, with two seperate entries made. The first was made at 1.3254 with a gearing of 1:1 and reached its profit target of 1.3304 as the reaction to the manufacturing index number was unfolding.

I had also entered a second position at 1.3247 prior to the release of the number. This entry had a gearing of 2:1. I held onto that trade to see how things would unfold during the rest of Friday. When price failed to sustain its new high in early Sunday trading I closed out the position at 1.332.

There were no further trades on Monday or Tuesday as price remained stuck in that tight range, and there were no good dips for me to get in on.