Posted by: joetradingplace | February 20, 2013

Weekly Update

We have been short gbpjpy from yesterday, our 1st and 2nd targets have been reached at 100 pips and 200 pips respectively, stop loss order on last position has been moved to lock in 100 pips…worst result on this trade is 400pips. Price is now retesting the previous pivot low, if price breaks through this pivot, there is plenty of room to move to the downside. We have a strategic advantage for being short from 144.90, there is no need to relinquish our position at the moment. If price pulls back we will only be stopped out for a 100 pip gain on the last position and we can re position our self if we still feel the price is heading down.


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