Paper trade: 50% long GBP/JPY in @ 142.861, stop 141.16

By Paul | Published: October 9, 2009

The strength in my EUR/JPY long gave me confidence in entering this GBP/JPY long trade.  I entered on market at 142.861 last night with a 50% position size.  The 141.00 support seems to be holding so far, see Fig. 1.  Also the RSI have been way oversold (best in my basket of pairs) and it has now broken above the RSI 30 line (Fig. 1).

In the short term, GBP/JPY broke a resistance line at 142.60 when I entered this position.  However, it has since retraced back below it to a support from the day before.  So there’s no short-term confirmation yet.

Position size: 50%

Entry: 142.861, above short term resistance

Stop: 141.00, below congestion zone of last couple of days

Target: 144.00 and then 148.00

Reward / Risk = 514 / 186 = 2.76 < 3…  I’m moving my stop tighter to 141.16, right at the bottom of the congestion range.

new R/R = 514 / 170 = 3

GBP/JPY

GBP/JPY

GBP/JPY, 3-hour

GBP/JPY, 3-hour

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