Trade Update - GBP/JPY Short - CLOSED

Update: 02-28-08 9:50am
Our positions hit their target point and sold for a nice profit. Too bad the TP was too low as the pair is poised to go lower according to the charts.

Total Pips: +206 (103 * 2)
Total Profit $ 191.88

Update: 02-28-08
As of 7:30am, we have an unrealized gain of +40 pips. Holding on to the position.

The Trade:
We got the signal in the 4 hour chart. The MACD just turned negative, and the 5 SMA is just crossing below the 10 SMA. The rest of the indicators are also showing a nice downward trend.



Lots - 2
Entry Time - 1:46 MST
Entry (Short) - 210.87
Stop - 212.02
TP - 209.84

Note: There seem to be some difference when viewing the same chart with the same time frame with different indicators in Dealbook. In another of my carts, the GBP/JPY had already entered oversold condition at the time of entry.