07/15/2009 GBPJPY Trade

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Long 1 lot (1,000 units) GBPJPY @ 5304
Stop @ 5285 (-19 pips)
Target @ 5323 (+19 pips)

Confidence Level: 7/10

Reasons to take trade:

• Positive Caimant count GBP news
• Bounce off 5300 big figure
• Pivot point support bounce
• Support at previous daily high
• Strong upward bias

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Closed 500 units when price hit target at 5328 for a +24 pip profit.  If price could break 5330, it had a good shot at taking off.

From there, my plan was to close:

• 400 units at 5350 (+45 pips)
• Move stop to +5 pips profit
• 50 units @ 5450 (+146 pips)
• 50 units @ the 800 SMA on the 1 hour chart

Closed 400 units at 5352 (+48 pips) and moved the stop to 5309 (+5 pips).  At this point, it became a free trade.  I also added a take profit order at the 800 SMA on the 1 hour chart at 5704 (+400 pips).

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I then closed 50 units at 5468 (+164 pips).  I let the rest run overnight.

The last 50 units were stopped out at +5 pips profit.

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The final unit weighted profit for the trade was +40 pips.  At least I was able to leg out double my target profit.  This is good for just grinding out a profit, which is my goal at this point, but in the future, I have to learn how to maximize this move and add positions to maximize profit.

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