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08/05/2009 GBPJPY Trade

Written by Hugh, on August 5th, 2009

Short 1 lot (700 units) GBPJPY @ 6153
Stop @ 6185 (-32 pips)
Target @ 6115 (+38 pips)

Confidence Level: 5/10

Reasons to take trade:

  • Bounce off strong resistance
  • Bounce off M3 pivot
Click above for larger image

Click above for larger image

I was apprehensive about this trade because price is bouncing off the trendline on the 1 hour and daily charts.  Also showing a tight flag on the 5 minute chart.

I got stopped out at 6185 for a -32 pip loss.  I have not been trading well this week!!




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Category: My Trading   Tags: ,

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