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Ahead of the weekend, I decided to close out my remaining Guppy position to lock in profits.  Here’s a quick forex trade review.

Original Trade Idea: Scaling Into a GBP/JPY Pullback
Last Adjustment: Forex Update: GBP/JPY Adjustments

GBP/JPY 4 Hour Forex Chart
GBP/JPY 4 Hour Forex Chart

Since my last trade adjustments, I thought the final spike higher going into the weekend was an opportunity to lock in profit and close trade ahead of what could be a very bad week for the euro and risk-on sentiment in general. The Greece’s bailout story continues to be a fluid one, and looks more and more like a risk with the EU warning that time is running out to avoid a financing crisis in Greece.  Euro zone finance ministers will meet Feb. 11, where Greece will present a comprehensive proposal for an extension, and I think this is a risk event I don’t think I want to have risk-on positions for going into.

So, as I announced on Twitter and Facebook, I closed my final long GBP/JPY half position at 181.36, ahead of the U.S. session Friday close. Here’s how all of my half position trades fared:

1st half: +66 pips
2nd half: +212 pips
3rd half: +102 pips
Total: +0.41% gain

Not a big gain on a month long trade, but I used small positions and Guppy pretty much stay in a tight range so I didn’t have much to work with. Overall, still a good trade and I don’t regret taking off my 3rd half position because it really did look like we were about to go in risk-off sentiment mode before the positive U.S. jobs number gave risk sentiment a boost to the upside.

I may hop in long another Guppy position on a pullback, but I’ll wait until we see whether or not Greece is able to lock in more cash and avoid a Euro area crisis. Stay tuned!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.