07/09/2009 GBPJPY Trade 1

Short 1 lot (500 units) GBPJPY @ 5090
Stop @ 5125 (-35 pips)
Target @ 4895 (+195 pips)

Confidence: 5/10

Reasons:

• Looking for bounce at M3 pivot,
• Former support level
• 79% Fibo retracement
• Near 5166 fractal on Daily chart

Click above for larger image

I had put in a limit order to take off 400 units at 4895 and let the rest run for additional profits.

Price spiked 100 pips in 2 minutes and stopped me out of the position.

Click above for larger image

As you can see on the chart, I was up +88 pips at one point which was a more than 2:1 reward/risk ratio.  I should have taken 400 units off at that point and let the rest run.  This was a case of getting too greedy.

The final result was a -35 pip loss.

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