Day Trade: Short GBPJPY @ market (now 156.99)

Trade: Short GBPJPY @ market (now 156.99)
Stop: 158.00
Profit Target: 153.50

Commentary: IntegrityFX Day Trading Strategy. We are bearish equities this week as volatility has increased and risk aversion has driven the carry trade down significantly over the past few days. We will look for Euro’s session and US’s session to start driving the JPY quoted currencies south and will use a trailing stop loss on this trade.

First trailer: Move SL to 156.98 when price moves to 155.50.

Second Trailer: Move SL to 155.98 when price moves to 154.75.

Third trailer: Move SL to 154.98 when price moves to 154.00 and use an automatic 100 pip trailer from that point.

Update (08.19.2009 15:29 GMT / 08:29 AM PDT): The trailing stop loss system worked to perfection and our trade closed out last hour for 238 pips in profit at 154.61.

Trade Status: +238 pips