GJ M15 - 16 June '09

Daily bias again down (price opens below Daily PP).

Immediate trend represented by direction of 100SMA also pointing down.
After yesterday's big move down, decided to take calculated risk on further move down.


Reward:Risk is conservatively 234:51 or 4.59 (234 being distance in pips of short entry to yesterday's Daily S3 which happens to be just above today's Daily S2... and 51 being 20 pips above today's Daily PP).

Shorted 30 lots at 159.70
Result: GJ reached Daily S2 with little problems and TP at 157.15 (gain of 255 pips)


Long 30 lots at 157.25
Result: GJ rallied well past Daily S1 on GBP RPI y/y news, TP at 159.45 (10 lots)... trailing stops hit at 159.35 (5 lots), 159.25 (5 lots), 159.15 (5 lots) and 159.05 (5 lots)

Tally:
30 x 255 x 10

10 x 220 x 10
5 x 210 x 10
5 x 200 x 10
5 x 190 x 10
5 x 180 x 10
=USD137,500.00


2 for 2 today... and very happy with the outcome. Looks like a good day ahead!


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