06/22/2009 GBPJPY Trade

by Hugh Kimura on June 23, 2009 · 3 comments · My Trading

A squeeze box trade opened up yesterday and I just closed the last of it.

Short 1 (200 units) GBPJPY @ 5726
Stop @ 5849 (-123 pips)
Target @ 5603 (+123 pips)

Confidence level: 6/10

As soon as I put the trade on, price moved swiftly away from the box, then stalled.  I was up about 100 pips at one point, so I decided to move the stop loss to 5721 or +5 pips.  The trade then became risk free.

Click above for larger image

Click above for larger image

Price started to move again, so I took profit on 50 units at 5672 for a +54 pip profit. Price continued in my favor so I closed out 100 units at 5595 for a +131 pip profit.

Click above for larger image

Click above for larger image

At that point, I still had 50 units on.  I wanted to let it run for a bit to possibly capure more proft.  It was a risk free trade anyway, so I had nothing to lose.

Price finally showed this twin tower formation so I figured there was a good chance of reversal and closed the final 50 pips at 5565 for +161 pips.  Mission accomplished, I captured 30 more pips with that last lot.

Click above for larger image

Click above for larger image

This was a good trade.  I followed my plan and bagged a good number of pips.  Final count was +120 pips when you average out all the exits.

About The Author: Hugh Kimura
Hi, I'm Hugh Kimura and my mission is provide you with the very best information about trading and living better through research and my own personal experience. You can also follow me on Twitter and Google+. Note: All information is for entertainment and education only and is not investment or trading advice.

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