My GBP/JPY Trade (22-08-2008) --- Position Squared

*Click on the images for the enlarged version.

Hello everyone,

Today [22-08-2008], my trade on the GBP/JPY. I initiated a long position on this pair at the price line of 203.69 at 10:10am (Singapore Time) | 02:10am (GMT).

Yesterday's price action ended with a rejection and I was looking for a little breather today. So this morning, I was looking at this pair very closely. With my MAs upwards and Fast MACD on the upside and my Stochs are crossing, I initiated an open position at the mentioned price line and time.

My Stop Loss was at 203.45 (-24pips) and Target Profit at 204.50 (81pips). Risk : Reward = 24 : 8 = 1 = 3.38. My Target Profit at 204.50 is just below yeaterday's high, a good minor resistance for today :)

When market gave me around 40pips in the money, I shifted my Stop Loss to Protective Stop at the price line of 203.70 (1pip). Then I went on with my work. My Target Profit has been at at 11:21am (Singapore Time) | 03:21am (GMT), giving me 81pips profit for this trade :)

Peace and trade safely everyone...