06/29/2009 GPBJPY Trade

Short 1 (800) GBPJPY @ 6003
Stop 6033 (-30)
Target @ 5973 (+30)

Reasons for trade:

  • 6000 big figure bounce
  • 4 hour support/resistance
  • Pivot @ 5998

Confidence: 5/10

Price looked extended at this level and I was looking for a bounce at these levels.

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Price moved in my favor and I put in a limit order to buy back 700 units at the target, 5973 (+30).

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The limit was hit and closed 700 units at 5973 for a +30 pip profit.  Closed the last 100 units at 5952 for a +51 pip profit.  Total average profit for the position was +32 pip profit.