1600 GMT June 3rd 2010

Hi All
I posted a cable chart on the blog this morning and went into the rationale of shorting cable in the www.whichwaytoday.com trading room. We made 5 trades in the room today. All had modest objectives and we has 4 winners and a breakeven trade. The techniques we employ and teach remain significantly more robust that our strength to put them into action.
There is a Eva Mendez on the daily chart of cable and the four hour chart has turned down.
I wish to short this pair in advance of the NFP which may be dumb but thats what the chart says.
As I have been writing the cable has fallen hard. The euro$ and $ chf are consolidating within the multiple inside bar patterns mentioned earlier today. The stop on this trade in cable will be at 1.4750. I use a 1% position sizing model so 1% of my 25000$ is 250$. This is the most I will lose on any trade. The stop will be approximately 150 points if I enter now, This means my bet size will be 250/150 $ per point. Thats about 1.50$ per point or 1.50 pounds per point if you are trading in that currency. I have no doubt that the cable will rise overnight and that we will get a better fill in the morning.
The rally in cable has begun as I write. As I write its trading at 1.4610 bid . I am shorting it at this level with a stop at 1.4760.
As calculated above the bet size is 1.50$ per point on a 25000$ account.
Anyway thats the first trade initiated and thats a good feeling. Any reading this later should be able to get a better fill. If you get a worse fill then remember the stop needs to be at the same place. Just trade a smaller position. Whats the hurry. You can only drink one beer at once.
The key level for this trade is 1.4550.
have a great evening
David