Entered LONG at 170.4 (Bouncing off of many levels)

FX:GBPJPY   British Pound/Japanese Yen
20 0 0
From last idea, took profit of ST             SHORT (while looking for LONG candle formation around 170.4 or 169.75). Price is approaching H/L line (Red dashed). Went LONG for the following reasons:

1) Bounce off of 400MA on 1H, which is 200MA on 2H and 100MA on 4H.
2) Bounce off of 38.2% Fib of last rise.
3) Bounce off of seeming LT             price level (lower dotted Blue line)
4) Near bounce off of LT             Bullish Trend (lower dotted Yellow line and lowest Orange line).

Passing that Red dashed would give this idea some 'umph'. Aiming for initial 172 and beyond. Perhaps add to position off of bounce dashed Red line. Already placed TP STOP just above entry.

1) GBP trade balance PST tonight
2) USD FOMC tomorrow morning
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out