It's Sunday night, which means that another weekend is coming to a close.  Unfortunately, this means that I'll be heading back to the office tomorrow morning to begin another work week.  Fortunately, though, it also means that the Forex market is open again, and there will undoubtedly be some opportunities to make some pips.  Whether I catch them is another question, but I'll certainly give it my best effort. 

As a recap, I've still got my Jacko-style anti-hedge order in place on the AUD/USD, which will hopefully allow me to recoup my losses on my losing trade a couple of weeks ago when/if the pair resumes its downtrend.  The pair has been consolidating for a few days failing to break above the previous high around 0.7060, so if the pair resumes its downtrend, my open order will get me in on the action.  Also, I'm watching the symmetrical triangle on EUR/USD and looking for a breakout to the downside on this pair as well.

So, what's new this week?  Well, the GBP/JPY 4 Hour chart is showing a nice descending channel, with price near the upper line of the channel.  The pair has tested the upper trendline of the channel 4 times, so I'm going to get in now near the top of the channel for a low-risk trade.  If price breaks out of the top of the channel, I'll promptly exit, but if the channel holds and price resumes the downtrend, I should be able to capture some pips.  The prevailing daily trend is down, so I've momentum on my side.

• Short Entry:  156.30
• Initial Stoploss:  158.80