06/29/2009 GBPJPY Trade 2

Short 1 (500) GBPJPY @ 5925
Stop @ 5950 (-25)
Target @ 5900 (+25)

Reasons for trade:

• Bounce off former support
• Bounce off M3 pivot
• Bounce off resistance @ 5921

Confidence in trade: 7/10

Closed 450 units @ 5917 for a +8 pip profit.  Moved the stop on the last 50 units to 5920 or +5 pips.

The last 50 units hit the stop for a +5 pips profit.  Total profit on the trade was about +8 pips.  This was a good trade, the only thing I would have done differently is to trade a larger number of units.  1,000 units would have been ideal.

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