Paper trade: GBPJPY @ 145.24, Stop 144.70, Target 148

By Paul | Published: January 28, 2010

Update: I’ve switched over to long EURJPY @ 125.40 as EURGBP’s downtrend seem to be running out of steam.  Moreover, EURJPY looks better on the daily chart with a clear support and an oversold reading.

I’m back in my long GBPJPY play at 145.24.  The currency pair is breaking an hourly resistance since consolidating around 145.  I had a low ball offer at 144.20 since taking my profit last night at 146.42.  But that bid for never filled.  So I’m re-entering on a short-term breakout.  For this entry, I am risking 0.1% of my account.

This re-entry is a tough decision.  Almost all the respectable pros that I follow on Twitter are on the other side of this trade via other currency pairs.  However, my long setup is valid as long as GBPJPY is above 144 level.  So I’ll take this trade until proven otherwise.  Although I must admit that my confidence in this trade is very low.

I also considered long CADJPY instead as it seems to offer more upside potential.  However, as I’ve been following the GBPJPY pair this week, I’ll stick with my plan.

I also have a limit order to add more at 145.81 as you can see in Figure 1 below.

GBP/JPY, 3-hour

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Related posts:

  1. Paper Trade: Long GBPJPY @ 144.24, Stop 143.60, Target 148
  2. Paper trade: Closed GBPJPY @ 146.42 for +140 pips
  3. Paper trade: Short GBPJPY @ 146.32, Target 143
  4. Paper trade: Long CADJPY @ 86.88, Stop 86.10, Target 88.0
  5. Paper trade: 50% long GBP/JPY in @ 142.861, stop 141.16
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