It's the end of a nice long holiday weekend, and it's time to start thinking about trading again.  I'm still sitting on a few positions held over from last week, all of which are currently in profit.  I'm short EUR/USD and AUD/USD, and long EUR/AUD.  All of these pairs have retraced a bit in recent days, so we'll see if they resume their trend and I keep riding them, or if they continue to retrace and I get out.

Tonight, I'm eyeing a short setup in GBP/JPY.  The pair has been in a bit of a downtrend in recent months with an area of support around 139.00, and for the past few days it's been hugging a down trendline that has been serving as an area of resistance.  It also happens to be just under a horizontal S/R zone that has been in place since mid-2009.  I think we've got some room to move down between its current price of 146.00 and the aforementioned area of support around 139.00.

I'm going to play this one with a tight initial stoploss - the pair has been consolidating in recent days and a logical place for the initial stoploss would be just above the down trendline.  If we break out to the upside of the falling trendline, I want to get out fast.  So, we'll test the waters with a small position and see where it takes us.  As always, I may be wrong!

There's a pin bar forming on the USD/JPY daily chart tonight.  The predominant trend is down, and a nice pin bar has formed at what I'm expecting to be the top of a retracement.  Of course, as always, I could be wrong.  Check out the chart...

Today many of the pairs I follow saw a strong resumption of the major trend after experiencing a bit of a correction the past week or so.  I'm looking at GBP/JPY in particular, which bounced nicely off of the rising trendline.  The daily chart is shown below.

I'm going to jump into a long position in this pair and see if the prevailing trend continues to carry us up.  There's a bit of overhead resistance where a double top has formed, so I'll be watching carefully around that price level to see how the pair reacts.

• Long Entry:  147.505
• Initial Stoploss:  142.75 

On another note, I closed half of my EUR/AUD short earlier this month at 1R, but the second half is still open.  Today's thrust downward is an encouraging sign that that pair's move down may not be over yet.

I'm seeing another possible long opportunity in GBP/JPY.  My last long was closed a couple of days ago as the pair dipped and took out my stoploss.  I was able to bank 566.8 pips on the first half of the position and 424.7 pips on the second half.  (By the way, I still have my EUR/AUD short open.  Unfortunately, it has not fared as well - I may be exiting that position soon.)

Tonight, I see that the pair has pulled back to the rising trendline on the daily chart.  This could be a good low-risk opportunity if the trendline holds.  Here's the daily... 

Good evening, all.  I'm going to make this short, since I'm anxious to hit the sack.

GBP/JPY:  Overall trend on the daily is up.  We've got a pin bar reacting off of the rising trendline as well as the downtrendline that was recently broken.  These two lines meet right at the tip of the pin bar.  The subsequent bar has been a nice bullish bar  This looks like a good long to me, so I'm in.  Of course, as we've seen recently, I could be wrong.

• Long Entry:  140.36
• Initial Stoploss:  137.2