The Pound Yen is in an upward bullish movement toward the north. I am waiting for the market to come down to the Daily D extension and hit the trendline, where I will expect a bounce north into 151.38. The daily time frame is in the buy zone above the up trendline and is now moving bearish to form a low price. After turning to the one hour time frame, place a buy order at 140.40 and we will start buying counter trendline breaks bullish to the Daily D up price at 151.38 which is about 890 pips away. My trading class will be adding to the trade at the 618 pullbacks all the way to the target.
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I have entered on mini lot to begin and as the Uturn comfirms, I will add the positions. That is what we always do with orders that are based on specific price entries especially with the turbulent activity on pounds today... I will watch for confirmation and add on the way up. Thanks!
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Running one of them long. Let's see what this does on this support and then we can add. 40 pip stop from right here right now at 140.25
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RUNNING 3 OF THESE FROM 140.30. Break 142 and 144 and look for the targets up above 151. I am going to just leave my positions in right now with the stop below that lowest point. Since tomorrow is Friday, this is likely a great trade for next week.
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I've added at 141.57 go to 144.00 the stop is at 140.15 Thanks!
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174 pips above the entry. Take one off. Pull to break even. Your stop needs to be at 140.15 for the more recent entry. Thanks!
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Added to this position just now at 4:30 New York time on Wednesday evening. Set a 2:1 and look for 14250 tonight...
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I am added again on this. The trade last night had to sustain drawdown but hopefully we will be OK during Asian set up
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Staying into 151.38 We have enough room in front of us. Pulling to break even.
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Taking one off from my entries at 14154.. The first ones are off. Currently carrying 5 major lots.
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We broke through this resistance.... safe to add north of here... I am added from 14550 and leaving over weekend. You guys have a great one. There is no class next week as we are celebrating the July 4 holiday all week but we will return on July 10. Thanks!
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I have reentered Pound Yen as of this morning. This is a light pullback trade. Target 145. stop below 142.5
Comments
andyg42
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Great stuff really nicely done
AhmedHamdan1
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Great one really.. targets could be even higher.. keep up the excellence
GcNaif
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very good call Hope. as usual you are the Pound Queen
Najib13th
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@HOPE.bleecker nice...almost same chart with me...your entry point also same thou..feel free to check out my chart....comment and suggestion are welcome...appreciate that ;)
AhmedHamdan1
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Lovely,
I will keep my long positions ON , no matter what happens here as the pair already left the landing channel and now price exceeded 140 ,so I would agree with you YES we are going long so far unless the price went below 140.000 ,
Cenotaph
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Going to wait till this weekly candle closes and then possible enter for the buy. British election has made the direction a bit harder to read
David63
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Looks like I lost this one. Was doing ok, but it dropped big time, starting to recover now.
hope.bleecker
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@David63, The best thing I've ever done in managing my hedge fund is to 1) not get married to a trade 2) accept the loss 3) don't hang on unless your leverage allows for it. Sometimes I enter a trade several times. I always keep the stop very tight... at least 3:1. That way, you can win 80% of them and still make money... we don't know what this one is going to do. Feel free to stay in touch.
hope.bleecker
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@HOPE.bleecker, I do not win all of them and anyone who tells you that you will win 100% at FX is lying. The game is in managing your risk. So beware of what I am doing. I trade one micro for every 3,000 I manage.
David63
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@HOPE.bleecker, Thanks Hope. Always good. The funny thing was, I check before I left for work this morning. 2 hours later at work I check and it was gone. All good, learning all the time. Thanks for you words. Dave