Paper trade: Closed GBPJPY @ 146.42 for +140 pips

By Paul | Published: January 27, 2010

Just closed my GBPJPY long at 146.42 for around +140 pips average gain, or 0.4% in the account balance.  Damn good for a 24 hours holding.  Obama just finished his State of The Union address at the moment.  I am not impressed.  Still all talk of change but nothing concrete yet.  Anyway, that’s beside the point in this trade log.

146.50 price level for GBPJPY is the 10 day moving average.  It has also been a strong support back in late December.  This should be a good resistance level.  My guess is that GBPJPY should stall, or even retrace, here for a while.  Thus I’m taking profit at this price as shown in Figure 1 (yellow triangle).

I still believe my bullish setup from yesterday is still good.  So I’ll be watching this pair for a re-entry.

Update: I re-entered at 145.24 the next day.

GBPJPY, 3-hour

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