Pretty Good Trading Day; 1 Trade on GBP-JPY Taken.
Posted on January 18th, 2008 by Yours Truly under ForexGBP/JPY:
- Currently up +177 pips on a trade off the 4 hour charts on the GBP-JPY pair as Yen pairs have pretty much moved sideways today after all the dynamic appreciation brought upon this entire week. On the GBP front, all Pound crosses where taken a nosedive across the board which made this trade pretty easy as retails sales fell dramatically.
- I went aggressive on this trade and entered right after the pullback knowing there was lots of momentum pushing the Sterling down.
- Profit target hasn’t been reached yet as I am looking at the 207.00 region to exit which was Wednesday’s low and if hit, total potential profit would be in the vicinity of +300 points.
Attached are the 4 hour charts and 1 hour setup chart.
0.25%
0.50%
2.50%
3.75% 
1.00%
0.25%
0.25%
0.10%
January 21st, 2008 at 3:02 am
[...] the results are in from last Friday’s trade which was taken on the 4 hour chart and has reached the target profit at the previous swing low at [...]