FX:GBPJPY   British Pound / Japanese Yen
553 7 21
My target reverse is triggered on pound yen from 16170. I am selling to the back of the downtrendline. Looking for 158 and then coming back onto the longs. Thanks and happy Sunday!
Trade active: I pulled about 129 pips off this last night and now I am breakeven because this could come back. Otherwise, right now I am drawing a Counter trendline on my on one hour and if this gives us the sell again tonight, will resell. Thanks!!
Trade closed manually: I am off of these the stop closed for break even. Thanks!
Comment: this is a strong support area. may buy next week.
Comment: Start drawing CTLs. My guess is that this will retrace to about 15750-15850 place the stop above 15920 and we are reselling. XO
So you are doing fibs on the weekly and daily to see where PA might go and then trade on the 2 hour? Could you show a chart of the weekly or daily with your fibs on them for an example?
Are you using a fixed stop loss and then manually adjusting to breakeven? Do use a trailing stop loss at all? Do you have fixed hours of when you trade or do you keep an eye on the charts 24/7?
How did you know to go short on the Sunday opening for the 130 pips? Was it the Stoc RSI above the 80 line and looking to fall or a combination of things?
Hi Gwoog. The pair has hit fib resistances on the higher timeframes and formed bearish candlestick formations with the stochastics in the sell zone at the time...This pair is a bit oversold and is going higher. It needs to pullback to an acceptable retracement level. After a really long run like that, generally currency pairs will pullback because they run out of buyers at the 127 and the 1618 extensions.
sanmed02 hope.bleecker
at what a point do you think the retracement will be in?
Hey, I'm in this one too. Picked up 16170 too. Happy trading.
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