12 March 2008 - 20:14Trading Advice 3/12/08

As I said in the commentary I love GBP/JPY short at 206 but it has already fallen about 20 pips since I wrote that. No worries it has plenty of more room to fall and I still expect a test of 200 in the near future. Get short now and consider dumping at 20 and shorting again if it bounces off the figure/Fibonacci. If it doesn’t and there is good follow through go ahead and short it again. Of course you can just stay in the whole time too if you want, depending on your style. I would not recommend buying at 205 because I am not sure it will bounce on the figure. I would rather take profits there and if it does bounce short it again at around 205.25 or so to make an extra 25 pips on the way back down. Of course in that case you risk it moving another 20 pips without you before you get back in so it might not be worth it if you think the same as I do, I see this pair at 205 very soon.