SteveTobin
Long

GBPJPY Long position on technical break

FX:GBPJPY   British Pound/Japanese Yen
165 3 2
The recent UK inflation report showed that the BoE are less inclined to raise rates than the market had assumed. The strength in the Japanese economy suggest the BoE may delay or cancel future stimulus. Both of these facts combined with a round of risk aversion in the equity markets make this technical break a high probability trade.
Regards bagehotsway
wael
2 years ago
the trend has been broken !!!
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scubajoe
2 years ago
Hey Steve! This is a perfect example why a site like this is bad for traders. I went Short @ 172.55 and added to my position @ 172.29 + I added to my position @ 170.88 after the break out it came back to touch the Trendline. So far so good i am right but what you are saying make sense as well. 170.34 is 78.6% retracement best place to go long in a Bull trend.... but the big wall @ 173.50 force me to sell. My bet is that we are going to 164 Fast

No trader is right all the time right, So other traders opinion can only mess with your plan no?
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SteveTobin PRO scubajoe
2 years ago
Hey scuba joke, I liked your comment. We know we are generally wrong most of the time we just have to make enough when we are right to cover it
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