My GBP/JPY Trade (05-11-2007)

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

Yesterday, I did a few trades but most of them, the first few trades I closed it manually with profits ranging from 1-5pips each, close to my entry price. Stupid trading day.

The last trade that I made, which is this one, on the GBP/JPY. I initiated a long position at 10:49pm (Singapore Time), yesterday (05-11-2007) at the price line of 237.55. Why did I initiated a long position? I got home at around 9:30pm (Singapore Time) last night. I saw that this pair has a loss of momentum on the downside with nice done rejection tails. So with the 10:00pm (Singapore Time) candle finishing with rejection tail, I placed a pending order to long at 237.55 which is of course, again it is filled within seconds. Wonderful GBP/JPY :)

As I waited to see how this 11:00pm (Singapore Time) candle ends, I was getting sleepy and tired. I want to see if it can break above my resistance level at 238.25 because if it can, I will shift my stop loss to entry price and keep it overnight. My eyes was getting heavy and with all the profits I made last month, I couldn't be bothered to wait.

I manually closed this trade at 11:38pm (Singapore Time) at the price line of 238.11. 56pips profit for this trade. Not really good since this is GBP/JPY we are talking about :(