Friday, August 14, 2009

Closing Out Before the Weekend

I took the remainder of my GBP/JPY short position off at 156.55, for a 250 pip gain. Since my risk was 150 pips, I made 1.67 times what I was willing to lose on this lot, a 1:1.67 risk/reward ratio, which is not bad at all. I'll take the money and run, especially with the uncertainty of a weekend ahead. I'll be looking more aggressively for an entry into a long EUR/JPY, USD/JPY or GBP/JPY position next week...

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