GBP/JPY: Long Entry @ 135.94 - Currently Up 200 Pips

I have entered a Long on the GBP/JPY Pair at a price of 135.94 I placed a stop when I opened this trade at 134.94 (-100pips) It has moved above the entry line and I have adjusted the stop to 136.44 (+50pips) Will see if this pair rises to the 140.00 level or higher. There are not many event risks for the Pound this week so it's likely that it will continue to rise. Setting a stop just above the buy line at + 50 pips ensures that I won't lose any money. If you need to find an entry price for a long you may want to wait till it returns to this 135 area and set your stop to 133 area. If it continues to rise raise your stop as well to make it a free trade.

It's important to monitor your trade and adjust stops accordingly. When a trade swings into positive territory you need to raise (or lower) your stop to eliminate the risk of the trade. Especially with this pair as it can fall or spike several hundred pips in a few minutes.