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08/04/2009 GBPJPY Trade

Short 1 lot (1,000 units) GBPJPY @ 6051
Stop @ 6070 (-19 pips)
Target @ 6032 (+19 pips)

Confidence Level: 4/10

Reason to take trade:  Channel bounce on Daily chart.

It was in a tight range and looked like it would head lower.

Click above for larger image

Click above for larger image

Price action didn’t look good so I closed it manually at 6052 (-2 pips).

The trade would have worked if I held on.




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