GBPJPY – Friday 1AUG08:- my last trade on this pair closed out Friday morning when it hit the 800 SMA on the 1 hour. This pair has bounced off the 800 twice recently. This is a heads up to start looking for Divergent trade setups. Nothing currently, but watch the pair as the week opens to see if we get any good setups.
UPDATE Tuesday 5AUG08: I took two trades off this setup. The first was a quick SR trade Sunday night. Pair was in a range between the 800 and about 30 PIPS below. I took a quick trade on a downward movement that closed overnight for a gain of about 30 PIPS. Monday night, the pair broke the long term SR level and the 800. Entered on a bearish candle that closed below the 800. I had 2 short positions on that were not doing much before the 12:00 a.m. rollover. I felt strong about the overall trade, but due to the FED data coming out Tuesday I did not want to risk a fast spike up/down in anticipation so I took off one position. I ended up +98 PIPS in the a.m. when I woke up. Dissapointed I lightened the position, but I slept much better. I have learned the hard way it is more important to give up some potential PIPS to protect your account balance.
Friday 1 AUG close Tuesday 5AUG08 – completed trade movement
