Trade Update - GBP/JPY Short CLOSED

Update 03-19-08 9pm:
The final lot hit the stop loss. I could have closed the final lot at over 100 pips, but I decided to hold on for larger gains. And that never happened. But that happens. No point in playing safe. You have to swing for the fences sometimes. Over all a good trade.

Lot 1: +50 pips
Lot 2: +100 pips
Lot 3: 0 pips

Total Pips: +150
Total Profit: $151.41

Update 03-19-08 4pm:
This call has been on the money so far. We have closed the first 2 lots for +50 pips and +100 pips respectively. The their lot is still open and the trend is still valid. So i am holding on to it. Stop loss has now been moved to break even.

The Trade:
Going short the GBP/JPY pair.

System:
The trade is based on the HAS system on 4 hour charts.

Reason:
Inflationary & recession pressures. After some upside General weakness of the Cable across the board after the release of the MPC meeting minutes.consolidation, price beginning to move down again. We have 2 red candles on multiple TF's confirming trend.


Rating:
I give this trade a 4 star rating mainly because it confirms to the long term trend. Only the M5 time frame is showing some short term upside consolidation.

Entry & Exit:
Lots: 3
Entry (Short): 196.77
Stop Loss: 197.77
TP1: 196.27
TP2: 195.77