Brief post of my last trade - based on the 4H chart I entered a short GBPJPY position at 213.19 - however I entered my trade a little early and I was close to getting scared off.
After studying of the Daily chart I assumed that the recent high at 213.88 will pose a good resistance area I decided to double up my short trade and actually added 2/3 short position around 213.80 so that my average price moved up at 213.38.
Soon after the testimony of FED Chairman Ben Bernanke and Treasury Secretary Henry Paulson at the Senate Committee DJIA, NASDAQ and S&P all started to slide.
As presumed the GBPJPY upsurge stalled around 213.70/80 and after a brief congestion around 213.30 - 50 it broke thru the 213 level. >> Because of the aggresive leverage involved I squared my position around 212.78 - for +60 pips.
:: Respect to Tonbridge AL (rule:: instant gratification required when excessive leverage is applied).