My GBP/JPY Trade (25-10-2007) - Update 1

*Attached chart. Click on it for the enlarged version.

Hello people. From my previous post on the my GBP/JPY Trade (25-10-2007). The forecast Line 5 that I drew, today, market had a little set-back with strong resistance at around the price line of 234.10.

According to the chart that I've attached to this post, the original Line 5 in orange is still there but I have extended it with another forecast lines in light blue and the final forecast line in blue having the same parameters with the original forecast Line 5.

I am still keeping this trade open. To recap a little bit on this trade, I initiated this trade at the price line of 233.54, Stop Loss at 232.50 and Target Profit at 237.70.

This trade that I am doing, no doubt I am using my live account but it is only for testing purposes on a method I have just thought of. Do not follow it or take it as a trading idea. It is merely for educational and public viewing purposes.

I will still update on the outcome of this trade. Be it if I get stopped out, my traget profit was hit or I close it manually :) Let's find it out together :) Currently, this trade is 40pips in the money.

Peace and trade safely everyone...