My GBP/JPY Trade (01-11-2007)

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

Majors are still still giving me the creeps.

Today, 01-11-2007, I went in with the GBP/JPY again.

In the day, I went in a long position at the price line of 239.60, 1:02pm (Singapore Time) with a target profit at 241.40. By 6:30pm (Singapore Time), I was like in the money but considering heavy data coming out on the USD's Jobless Claim and ISM, I shift my stop loss to 5pips above entry. I did that because I will not be around to monitor the market while the data comes out because I am going out for dinner at Ichiban with my gf. Anyway, Ichican serves good Japanese food.

I came home around 10:30pm (Singapore Time) and I was stopped out with 5pips gain. Dammit! The high was like 6pips away from my target profit! Arggghhh!!! Anyway, it is ok, 5pips gain is still a winning trade! Hahaha!!! So this week, amounts to 585pips profit :P Hehehe...

Anyway, 10pm candle finished with a strong rejection below and I placed a pending order to long this pair at the price line of 238.95. I was filled within seconds again at 11:01pm. the 11pm candle was giving me a little bit of a creep but it ends with rejection again below.

12:00am (Singapore Time) candle, is looking good and it has gave me enough room to shift my stop loss to 5pips above entry again :) I have since shifted my stop loss at 239.00 with target profit at 241.40, near to my resistance level in my Daily chart.

Let's see how it goes.

Peace and trade safely everyone...