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07/29/2009 GPBJPY Trade

Written by Hugh, on July 29th, 2009

Long 1 lot (600 units) GBPJPY @ 5549
Stop @ 5510 (-39 pips)
Target @ 5588 (+39 pips)

Confidence Level: 8/10

Reasons to take trade:

  • Bounce off pivot
  • Bounce off support during Asia
  • Price holding in well defined range

I actually entered late on this trade, I missed the bouce level by 15 pips.  It still looked like I could profit, so I entered anyway.

Took off 550 units at 5564 (+15 pips), price action didn’t look good so I played defense.  Moved the stop to 5554 (+5 pips).

Click above for larger image

Click above for larger image

The final unit weighted profit was +14 pips.  Not the prettiest trade but I’m glad I listened to my instincts and closed the trade out.l




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Category: My Trading   Tags: ,

This post was written by . His goal is to become a professional trader.

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  1. Trading Heroes » July 2009 Week 5 Review says:
    July 31, 2009 at 9:34 pm

    [...] 07/29/2009 GPBJPY Trade [...]