Shorting the GBP/JPY, which to me, appears heavily overbought considering the state of affairs of the UK economy. Normally I do not take trades at this time, but I made the fatal mistake of opening my charts and looking for an opportunity. These days, I cannot open a chart and not see some sort of angle. I'm trading light here, because I'd rather relax and prepare for Monday, but here it is:
Looking for price to move from 126.96 down to either 126.50 or even better, down to 126.20 (Fibonacci levels of the latest rise), I need to pay for a new monitor and start planning on buying a car. My risk, so far 8 basis points, or pips at 127.068 on a 40K. I will glance at the charts and move this one into break even as soon as it is reasonable. Time to relax, and welcome to the new trading week of Sept 17, 2012 to Sept 23, 2012.
Looking for price to move from 126.96 down to either 126.50 or even better, down to 126.20 (Fibonacci levels of the latest rise), I need to pay for a new monitor and start planning on buying a car. My risk, so far 8 basis points, or pips at 127.068 on a 40K. I will glance at the charts and move this one into break even as soon as it is reasonable. Time to relax, and welcome to the new trading week of Sept 17, 2012 to Sept 23, 2012.
Trade closed sometime last night, glad I moved my stop loss to break-even + 2, because price is now significantly higher.
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