FOREX DOJO TRADE # 61

Tonight I am buying EUR/JPY 111.00 with a TP 111.45 and SL 110.49.

110..70 was the last low on the hourly charts and the one previous to that was 110.50ish. This indicates that bullish pressure is rising and if 111.10 can be taken out then 111.50 is the next resistance zone. I am betting that it will because the 4 hour chart is showing 111.50 as the only resistance until past 112.00. On the other hand a break of 111.60 may bring 110.25 in a hurry.
The short term charts are showing 111.10 as pivotal with an uptrend appearing and 110 70 on the downside as the level to watch. so lets see if the bulls can break through this level or if waiting for the break higher should have been the way to go. A 20 pip trail should be used

FOREX DOJO TRADE # 59-60 + WEEKLY RESULTS

Tuesdays EUR/AUD was good for 37 pips although I bought too early and ruined my P/L ratio by having to lower my S/L to 1.3465. Wednesday I sold EUR/JPY from 111.46 for a profit of -37 pips and Thursday I sold EUR/AUD from 1.3452 to 134.01 for a profit of +51 pips. A hectic work month is keeping me from posting daily.

WEEKLY RESULTS

Dec. 5> -32 pips
Dec. 6> +65 pips
Dec. 7> +37 pips
Dec. 8> +37 pips
Dec. 9> +51 pips
P/L = +158 pips

FOREX DOJO TRADE # 57 & 58

Last night I bought EUR/JPY @ 110.10 with a TP 110.75 and SL 109.60 for a profit of 65 pips. Sundays USD/CAD trade turned to be a loser for -32 pips.
Tonight EUR/AUD looks good for a nice semi-scalp. I have bought 1.3510 with TP 1.3547 and SL 1.3480

Price action tells me that this pair wants to test 1.3550 where an important daily trend line resistance lies. 1.3510 short term resistance looks vulnerable and based on the RSI and 100EMA. The price is cutting through the 100EMA on the hourly with room to rise on the RSI. Daily is also looking strong.

FOREX DOJO TRADE # 56

Sometimes I get a gut feeling that something unexpected will happen. It's a rare occurrence because most of the time I get caught by surprise. On Friday the U.S NFP data came out and briefly sent the market into a panic. The high before the fall in the EUR/JPY was around 111.10. I had initially set my TP at 111.14 due to a trend line around 111.19. After checking in on my trade before heading to bed I noticed that the price had not once held above 111.10 in the previous 3 days. I decided to lower my TP down to 111.08.  This single action saved me from being stopped  below my initial SL level of 109.99 and reminded me how cruel the market can be.

The JPY pairs are looking a little to uncertain for me right now so I've decided to explore opportunities to sell the dollar. The USD/CAD is looking heavy and I have sold 1.0042 with a tp 1.0011 and SL 1.0074.

The 4 hour chart is looking very heavy with the pair unable to break 1.0080 so far. by the looks of the hourly chart support around 1.0040 looks prone to fail with 1.0020 next and 1.000 the last line until the mid 0.99 cent zone. I feel that 1.0000 will be tested but a 20 pip trail might be a good safety net.

FOREX DOJO TRADE # 55

Tonight I bought EUR/JPY @ 110.50 with a TP 111.14 and SL 109.95.
Price action on the 4 hour chart tells me that the pair is ready for a bounce with 110.25 support holding well and the RSI almost bottoming out. On the hourly chart the price is over the 100EMA and the RSI is in oversold territory which is another bullish signal. 110.25 is key support. if it fails than 109.40 may come into play fairly quickly. By the looks of the technical picture this pair is pretty bullish, but then again it is December so lets keep our fingers crossed.

The shorter timeframes have been mildly bearish tonight but I'm not going to bother analysing them any further, the bigger picture is clea enough. Just to be safe a 40- 50 pip trail might come in handy.

FOREX DOJO TRADE # 53 & 54

I had posted a trade on Tuesday night for GBP/JPY for a buy @ 130.00 and TP 130.70 SL 129.50 that was never published. It was a winning trade that netted 70 pips. Yesterday I didn't post a trade bought EUR/AUD @ 136.00 with a TP 136.70 and SL 135.50 that was stopped.

The total P/L for those 2 trades is +20 pips.

FOREX DOJO TRADE # 52

Last night was a good and good timing played a major role. 45 pips profit was made. After the fall in the EUR/ AUD last night that broke 1.3675 and breached 136.00, the technical picture looks bearish at least in the short term. I will use short EUR/AUD 1.3635 with a TP 1.3566 and SL 1.3691.

The breach of 136.00 is what really makes me want to sell but there is always the risk off the move being overdone and a rally ensuing. 1.3550 is important support and the the bounce from 1.3600 hasn't been too enthusiastic. On the topside 1.3650, 1.3680. are the only near by barriers. 137.30 is next.

1.3640 is important on ht minute charts with trend line resistance present in the area. 1.3675 is again met with trend line resistance. We currently sit under the 100EMA on all time frames.
a 40 pip trail is a good safety net.

FOREX DOJO TRADE # 51

I was somehow saved from being stopped out last week with 1.0052 being hit in USD/CHF but I took it as sign to get out. I cut the trade around 1.000 earlier today for a 5 pip loss. My sentiment towards a weak dollar maybe a little premature. so I will wait it out for now. It seems that the year end shuffle is now in progress and is a good time to be extra cautious. The JPY Pairs are still a little tough for me to read but I've opened a position in EUR/AUD @ 1,3725 with a TP 1.3681 SL 1.3782.

The main reason for this trade is 1.3750 trend line resistance. It has held 3 consecutive times in the last 3 days and the last low after it was tested was about 25 pips lower than the one before. I am also adding a 25 pip trail because the 100EMA@1.3700 on the hourly which is the chart I am mainly basing my strategy off.

FOREX DOJO TRADE # 50

Even though I was stopped out last night on the USD/CHF for about -55 pips I still feel that 1.000 is strong. I plan on selling USD/CHF around 1.000 with  TP 0.9921 and SL 1.0056.

The reasons for selling are still the same from yesterday, only now it's a better entry level. 0.9921 is an ambitious target so keeping tabs on the price action or setting a tight 25 pip trail is necessary.

FOREX DOJO TRADE # 49

Last night was a bad move and 55 pips were lost. I personally don't like the short term movement in the JPY crosses in the last day or so and it seems that were currently stuck in the middle of the range. I am noticing signs of weaknss in the USD  and it looks ready for drop.
I have sold 0.9969 with a TP 0.9877 and SL 1.0020
USD/CHF looks like like one of the better pairs technically and fundamentally. We are very close to the weekly 23.6 Fib around 1.0000. with the RSI in oversold territory and the 100EMA miles above. That's just the weekly.
 The daily, 4 hour and 1 hour shows the price is close to the top it's range and RSI are looking ready to fall.
I will apply a 40 pip trail due to trend line support in 0.9925 zone.

FOREX DOJO TRADE # 48

Last night was good for 70 pips. Now that 131.00 has been tested and seemingly secure I feel a bit more comfortable about easing the shorts. I would prefer buying GBP/JPY around 131.50 with a TP 132.00 - 132.10 and SL 130.90 - 131.00.
to make it short, 131.80 is the only resistance before 132.30 zone. A 30 pips trail is smart since we arebuying in a bearish market.

FOREX DOJO TRADE # 47

I watched GBP/JPY rally last night immediately after I posted and determined that my stop was going to be triggered. I did what I hate to do and moved it 15 pips up to 134.30 and walked away. It turned out to be a lucky move but I'm not proud of it. I should have sold closer to 134.00 and left more room for error with a better profit ratio. In the end I walked away with 50 pips profit.
Tonight I want to sell GBP/JPY close to 133.00 with a TP 132.30-132.40 and SL 133.40-133.50.

The sell off last night was triggered as I expected when 134.00 could not be held by the bulls. The break of 133.00 is a bearish signal on the 4 hour and 1 hour charts with next trend line support around 132.50 and then 132.00. The 100EMA is breached on the hourly but is still supportive on the 4 hour also around 132.00. RSI is looking a little heavy.

The shorter time frames are very mildly bullish but generally range bound between 133.00 and 132. 60. 133.20 is key resistance short term if 133.00 is taken in the coming minutes. 133.10 might be good spot to place an entry with a 50 pip SL  from the looks of it as I write.

FOREX DOJO TRADE # 46

Tonight I am still feeling bearish and think that as long as the price stays below the134.00 zone we are set for a sell off. I will sell tonight around 133.60 with a TP 133.05 - 133.15 and SL 134.05 134.15.

The 4 hour chart is looking overextended with the price struggling to stay above 133.50. Next support is around 133.00 where some buying should be present. The hourly charts are also looking exhausted on the upside with pair now unable to hold above 133.80. Trend line and 100 EMA support is around 133.00 - 133.20.

The shorter timeframes look to be in a declining range between 134.00 - 133.00. Trend line resistance is very close now around  133.65 with support just before 133.00. Keeping a trail of about 30 pips wouldn't be a bad idea given the current set up.

FOREX DOJO TRADE # 45

Last night I got a bit nervous by the looks of the price action so I put on 30 pip trail. I wish I was able to hedge because a pending buy order around 133.90 would have been great.

Tonight I want to sell GBP/JPY around 133.90 with a TP 133.25-133.35 and SL 134.30-134.40.
I personally feel that if the price can hold below 134.20 then a test of support in the 133.30 region is due based on the pair looking overbought and the 134.00-134.25 area being the main barrier that is keeping the pair from testing 135.00. I would not be surprised if a 133.00-134.00 range is established, ultimately ending in decline in  the future.

FOREX DOJO TRADE # 44 [CONTINUED]

Tonight 132.25 is the level to breach. I am thinking that 132.00 will be tested and is a good area to take  profit. If you plan on staying up then look for a break of 131.75 with 131.00 area as the next stop. 132.80 is pivotal on the top side with 133.30 & 133.80 the only real resistance.

FOREX DOJO TRADE # 44

Last night I decided to stick with my original trade plan and it turned out to be a profitable move. The take was 60 pips.

Tonight I want to sell GBP/JPY 132.65-132.75 with a tp 131.95 - 132.05 and SL 133.15-133.25.
I want to sell again because solid support after the 132.80 region isn't present until the 132.00 zone.  132.80 is now immediate resistance and is on the verge of being tested as we speak. The RSI is below the 50 mark but doesn't look to healthy and bears may take this opportunity so smash the pair through 132.00 with 131.00 in sight. Hourly chart is also showing 132.80 as pivotal with 100EMA around 132.60 and the RSI topping out.

The minute charts are very mildly bullish with a 132.14-132.60 range under the 100EMA.

FOREX DOJO TRADE # 43 [CONTINUED]

I have kept my sell position from last night with the the same TP level and will probably bring my SL closer to the break even level  just incase we see a spike.

FOREX DOJO TRADE # 43

Tonight I want to sell GBP/JPY around 133.45 with a TP 132.85 and SL 134.01.
There should be fairly good resistance if we start to see 133.50 being tested and this is pretty much the main resistance we can count on based on the 4 hour and hourly charts. The RSI looks to be topping out as well. 100EMA is pretty far off which signals a possible retraction. Finally this looks to be the 5th wave of the rally on the 4 hour so it should start to loose steam.

The minute charts are showing a generally bullish range between 133.10 and 133.60, but the question is will 133.60 hold or will we even get there.

WEEKLY RESULTS X 2

These are the trading results from Sunday the 31st of October until Friday the 12th of October.

OCT 31> NO TRADE
NOV 01> +25 PIPS
NOV 02> +60 PIPS
NOV 03> +65 PIPS
NOV 07> +70 PIPS
NOV 08> +60 PIPS
NOV 09>  TRAIL TRIPPED NO PIPS
NOV 10> (-)55 PIPS
NOV 11> +70 PIPS
[2 WEEKS TOTAL]  + 295 PIPS

FOREX DOJO TRADE # 42

Last night's trade cost 55 pips. Time to let go.
I have sold GBP/JPY around 132.30 with A TP 131.60 and SL 132.85.
I can't give a detailed strategy but will say that the break of 132.50 has a lot to do with it.

FOREX DOJO TRADE # 41

No profit was taken as the trail was triggered  last night. Tonight I am buying EUR/JPY around 113.20 with a TP 113.90- 114.00 and SL 112.60 -112.70.

The daily chart is looking pretty bullish with the 100EMA being breached and a cross in RSI below the 50 mark. A break of 113.40 could bring 114.00 in a heart beat. The 4 hour is looking bullish with 100EMA breached and generally positive price action, although that long shadowed candle  is a bit intimidating. Hourly is looking range bound.

Shorter time frames are caught in mildly bearish range between 113.00. and 113.50. Look for a break of 113.50 for a possible entry if it looks strong.

FOREX DOJO TRADE # 40

A 60 pip profit was made last night and I although I'm tempted to leave EUR/JPY alone for now, I don't see the logic in switching back to GBP/JPY when the fibre is working out well.
Tonight I will sell around 112.85-112.95 with a TP 112.20-112.30 and SL 113.35-113-45. The pair is tightening up so a 30-40 trail is a good idea.

The 4 hour chart is a bit tricky because next resistance is around 112.90 where there is a trend line the 100EMA and the 38.2 Fib level all between 112.90 and 113.20. The hourly is looking like it's caught in a 50 pip range, unfortunately where sitting right in middle of it right now.

The minute charts are looking range bound and ideal for guerilla scalping, if your into that kind of thing.

FOREX DOJO TRADE # 39

Last night was good for 70 pips or so and it looks like 112.00 is where we found a floor.
112.00 should be decent support so I plan to BUY 112.00-112.10 with TP 112. 65-112.75 and SL 111.45 - 111.55.

Based on the 4 hour 112.00 - 112.20 hold trend line support and the 78.6 Fib level from the move up. There is also the making of triple bottom on the daily on the other hand it may as well be a double top, all depends haw you want play it, but I assume there will be at least some sort of attempt to keep the pair afloat. The hourly chart support lies 111.80- 112.00 and we are currently about 80 pips below the 100EMA. RSI is showing positive signs.

Shorter time frames are mixed with the 15 min looking mildly bearish and the 5 min slightly bullish. after 112.30 next resitance is around 112.60 - 112.70.

END OF MONTH RESULTS (OCTOBER)

Trading  was cut down to approximately 3 weeks this month and trading was a bit erratic.

MONTHLY TOTAL + 8 pips

FOREX DOJO TRADE # 38

I am sticking with EUR/JPY tonight with a SELL order around 113.50-113.70 and TP 112.70-112.80 and SL 114.10-114.20.

There looks like there is a steep correction taking place and the break of 114.00 is what seals the deal for a move lower. The 4 hour chart shows the 100EMA being breached as well as the trend line support around 113.50. Next support is around 112.30-112.50. Hourly also shows a break below 100EMA and now 114.00 is pivotal resistance.


The shorter time frames  look range bound but the sentiment seems bearish with the RSI rising but the price well below the 100EMA and resistance so far away in the 114.00 zone. Buying interest feels muted.

FOREX DOJO TRADE # 37

Wow, what a bounce nearly 200 pips. The move netted us a 60 pips. It seems as though tonight may follow suit early in the seesion.
I plan to buy EUR/JPY around 114.00 with a TP 114.60-114.70  and SL 113.40-113.50.

The pair has broken through it first significant resistance on the 4 hour chart around 114.00.  RSI looks stubborn as it stays close to the roof.  Important 114.00 support coupled with overall trend and the RSI reading suggest that a test of 114.60-114.80 is due. Hourly chart looks very bullish with the 100EMA in the dust and strong waves. Selling at these levels is not logical. A SELL ORDER AROUND 115.00 for a quick 40-50 is MORE LOGICAL.

Shorter time frames are looking mildly bearish which is why I think that buying a little lower has a better risk/reward ratio.  Resistance up around 114.70 and support down at 114.00  and again around 113.50.

FOREX DOJO TRADE # 36

I closed last nights trade for a gain of 25 pips. GBP/JPY has been tough for me lately so I have set my sight on EUR/JPY. I plan to buy around 112.90-113.00 with a TP 113.50-113.60. and SL 112.40-112.50..

I am bullish on this pair for now because the both the daily and 4 hour charts have broken above the 100 EMA and resistance at 112.50 and 112.90. The RSI are still looking healthy and resistance around 113.50-60 looks good for a test. Hourly support comes around 112.60-112.85. with the price still about 45 pips from the 100EMA and bearish pressure seems to easing by the looks of the price action.

The smaller timeframes are in a nice smooth range between 112.90 and 113.40 so a 30-40 pip trail is reccomended.

FOREX DOJO TRADE # 35

Last night the entry target was not reached and so the trade is cancelled. The range has been tighter than anticipated now between 129.00 and 129.50.

Tonight I plan to buy GBP/JPY close to 129.10- 129.20 with a TP 12.70-129.85 and SL 129.55 - 129.70.

On the 4 hour charts the pair has broken and held above 129.20 which indicates bullish pressure. The pair is also holding above the 100EMA . RSI is ranging in the middle. Hourly chart is also holding above support around 129.15 as well as the 100EMA. Closest resistance is around 129.40-129.50 with 130.00 region the next stop. on the down side 128.80 areais vital support and I hope it holds for now.

The shorter periods are looking good with 15 and 30 minute both holding above the EMA  but more or less rang bound with a bullish tone. 5 minute chart is as usual all over the map.

FOREX DOJO TRADE # 34

As the weekly results prove my trading has been below par latley. Sometimes things don't click resulting in losing streaks.

Tonight I feel we are sitting on the fence at this point with 129.10-20 the closest support and 130.10-20 the closest resistance. Based on my analysis the most likely move will be up testing the 130.00 region. I would feel safer placing a pending order around 129.95 than to sell around here. A 129.95 sell order with TP 129.20 and SL 130.50 is my preferred strategy

The 4 hour chart is showing a trend line around 129.90 with the RSI close to overbought and the 100EMA broken. The hourly charts are looking constructive but the inability to hold above 129,80 is not encouraging.

The shorter timeframes are pretty much ranging after the pop through 129.50. The price jumped 150 pips and dropped 70. Now it's stuck between 129.70- 129.40

WEEKLY REULTS

The totals from the 18-25 Oct are
+65
-50
-50
-56
-52
-50
-193 pips

FOREX DOJO TRADE # 33

Tonight i bought @ 128.98 with TP 129.74 and SL 128.49.

On the 4 hour chart Important resistance around 128.40 - 128.50 has been broken with the next important trend line resistance is around 130.00. The lack of a strong dip indicates that that the pair maybe setting up for another move up. RSI is looking slightly bullish and the 100EMA is only 25 pips away. Next resistance in the 1 hour chart is around 129.30. I would set a 35 -40 pips trail to be on the safe side.
 
My platform just loss connection so I will try and do the short 5 - 30 minutes analysis when I get back online.

FOREX DOJO TRADE # 32 (move Sell order)

I noticed an hourly trend line around 127.40, entering a trade close to there is a reasonable bet.

FOREX DOJO TRADE # 32

And the streak continues. Another stop triggered for a loss of 55 pips.

Hopefully my trading vision hasimproved after last week and tonight will be the start of a profitable week. If I am stopped out tonight, I will take a break until Wednesday or Thursday until trading again.

Tonight I will place a sell order for GBP/JPY around 127.49 with a TP 126.55 and SL 128.01. After last night drop from 127.75 I am a bit hesitant to buy until the price can hold above the 100EMA on the hourly. Rather I will sell close to the nearest resistance and hope it is not breached.

I have had a few stops triggered by trying to pick the bottom and am starting to see my mistakes from last week. From now I will always use a fairly tight trail whenever anticipating a reversal.

FOREX DOJO TRADE # 31CONTINUED

My trade from Thursday/Friday is still open and I am more confident now that we will test the 128.10 - 18.30 region after 127.00 proved to be solid. Lets hope that some short covering takes place tonight so that last weeks trade can close in the black and so that this week can start off on a positive note. It is much needed after the losing streak I had last week.

FOREX DOJO TRADE # 31

Stopped again. Some weeks are just hard. It is psychologically damaging to trade forex thinking that your system is flawless. If that were the case there would be no market. So in the end everybody wins and everybody loses. The goal is not to lose it all. -50 pips.

I truly feel that 127.00 will hold tonight. Technically 127.50 should bring buyers. For this reason I bought GBP/JPY around 127.50 with TP 128.10 - 128.20 and SL 126.94

There was a big bounce from the levels back in September from 127.90 to around 135.00. RSI is in oversold territory on 4 hour and daily charts and trend line support around127.40. Hourly trnd line also comes inaround 127.40.

The shorter time frames are also looking set for a break and based on the the larger factors there should at least be an attempt to rally.

FOREX DOJO TRADE # 30

It seems that my first idea to buy yesterday was correct as I was stopped out a couple hours ago with that big spike. Sometimes it's better t ogo with your heart than the book, deciding when to do so is extremely difficult. A loss of 50 pips was taken.

Tonight I will buy GBP/JPY around 128.30 with a TP target of 128.90 - 129.00 and SL 127.70 - 127. 80.
I would like to explain my trade as usual but I am battling a massive headache so I will keep it shorter than usual.

The daily chart is basically looking oversold and is testing support below 128.00. 1 hour - 4 chart is looking constructive as new highs are being formed and the next resistance is around 128.80 - 129.00.

The shorter time frames have broken the 100 EMA and look set to pop higher atleast once more. The 129.00 might bring out some sellersso my advise would be to TP close to that level.

FOREX DOJO TADE # 29

The stop that was triggered last night was surprising only because of the extent of the fall and the lack bounce throughout the descent. A 50 pip loss taken.

Tonight  is a unusually difficult trade to call. I would like to buy around 127.70 where there  should be some decent support but also feel that due to the lack of bounce a sell around 128.20 is a good play as well. I am deciding to to go with the momentum and sell GBP/JPY around 128.30 - 128.40  with aTP around 127.60 - 127.70 SL close to 128.80 - 128.90.

The daily and 4 hour charts are showing bullish signals with thr RSI and trend lines on the daily and 4 hour charts. The hour charts is showing the RSI reaching overbought levels and not much upward movement at all. in the price. the trend line around 127.75 looks breached and next up 128.50 zone. 100 EMA is also high up around 129.00 on the hourly.

The shorter time frames look to be turning around and flatlining but I'm assuming that sellers will want to test 127.75 again due to lack of support, so another dip is likely. Trend lines come 128.15 -128.30 and 127.50 region on the downside.  100 EMA flatening out as well.

A REMINDER ABOUT SPREADS

I was just checking out qoutes from a different broker than I use and noticed a 7 pip spread on GBP/JPY. I usually am given a 4-5 pip spread by MBTRADING probably due to the fact they are an ECN broker. I am posting my trades now with about 20 pip entry, TP, and SL zones to accomodate traders with different brokers. Usually a dealing desk will have a 1 - 4 pip differential in qoutes from an ECN. Just something to keep in mind if you are basing trades off my strategies.

FOREX DOJO TRADE # 28

Last night's trade was a perfect example of how profitable a break can be. Although I usually don't trade breaks last night was just a matter of right place at the right time. When I opened my platform yesterday the price was around 129.45 and the EMA's and RSI were bearish, the result was a clean 65 pips in about 2 hours.

Tonight I think that the bears will be squeezed a bit and any test of the 129.00 region will be met with buyers. My strategy is buy GBP/JPY in the 129.10 - 129.20 zone with a TP around 129.70 - 129.80 and SL 128.60 - 128.70.

The daily chart is looking a little oversold and the 4 hour chart is showing some bullish momentum while the price probes below 129.00 where there also support via trend line. The 1 hour chart is looking more positive today and seems to be forming a base around 128.90. It looks like 129.30- 129.50 will be taken with relative ease and the next barrier is around 129.75 where I hope to take my profit.

The smaller timeframes are now building higher highs and creeping up to the 100 EMA.  129.30 - 129.40 is key if were going to test 129.75. We may also be in for a range bound session by the looks of  the 5 minute chart but lets hope its a 129.20 - 129.80 range not a 129.40 -128. 70 one. Use caution this a counter trend trade.

FOREX DOJO TRADE # 27

Tonight I plan to sell GBP/JPY on a break of 129.50 with a TP around 128.60 and SL in the 129.80- 130.00 region with a 40-50 pip trail.

The daily chart is showing a  cross on the RSI and is  facing support in the 129.00 zone which is why the trail is recommended. 128.50 is next support and is worth reaching for in my view. The hourly chart is showing a steady bearish sentiment with the trend line around 129.50 broken and the RSI dragging on the floor.

The shorter time frames are no different, price is well below the 100 EMA on all charts and is either range bound or dropping. I feel better about shorting in the current environment than praying for a bounce.

WEEKLY RESULTS (X2)

Last week turned out be pretty good, only I had to wait until today to see my final results. As it turned out my TP target was hit when the market opened this afternoon, making my weekly goal of 200 pips a week a reality. Here is the daily breakdown:

OCT 10 - +90 PIPS
OCT 11 - NO TRADE TAKEN
OCT 12 - +5 PIPS
OCT 13 - +60 PIPS
OCT 14 - +50 PIPS
TOTAL = 205 PIPS

I also noticed that I had forgotten to post my WEEKLY RESULTS for the previous week during which trading was cut short due to other obligations. Although I should have avoided trading during that week completely I chose to be careless and paid the price. This is a lesson not to be taken lightly. Trading in any market is never easy. If you ever are unable to devote your mind and time to making a trade don't do it, chances are that you will lose. Here is the breakdown:

OCT 3 - +45 PIPS
OCT 4 - -50 PIPS
OCT 5 - 0 PIPS
OCT 6 - -50 PIPS
TOTAL = -55 PIPS

FOREX DOJO TRADE # 26

Last night went as planned a nice bounce from 129.60 reaching 130.30 netted 60 pips.

Tonight I feel that bears will once again take control from these levels so my strategy is to sell GBP/JPY around 130.30 - 130.50 with a TP 129.60 - 129.80 and SL 130.80 - 131.00.  It looks to me like resistance around the 130.30 region will hold due to bullish momentum easing. I don't anticipate a drop below 129.50 so taking profit ahead of that level and/or keeping a trail of 40 - 50 pips is a good idea.

Tonight's trade is strictly a price action & trend line based strategy. We are currently testing 130.30 resistance and there does not seem to be enough momentum from here to reach the next resistance levels at 131.00. Therefore I will sell.

FOREX DOJO TRADE # 25

Last night turned out to be choppy as anticipated and the trail did it's job. I walked away with about 5 pips, so basically broke even. Tonight it seems that we may see one more wave up in the mini correction. My strategy is to buy GBP/JPY around 129.50-129.70 with a TP close to 130.35 and SL 129.00-129.20.

The daily charts seem a little oversold so I would be cautious about selling at these levels. By looking at the     1 hour and 4 hour charts it seems that there is a slight bullish tone to the price action with highs overtaking the lows in the last 24 hours. The trend line in the 130.30 looks to be holding for now so I think buying at the breached resistance around 129.60 with a TP around 130.30 is a good bet for tonight.

The lower time frames are a bit choppy but are basically looking constructive(possibly building up before collapsing as usual). The 100 EMA is flattening out in the 5 -30 minute time frames which also shows some indecision in the very short term. I personally think that it's to risky to sell from these levels and I'm not sure how high we can go so placing a pending sell order is also a problem. Since I am technically counter trend trading (based on longer timeframes) a trail of 40-50 pips is again recommended

FOREX DOJO TRADE # 24

Last night was a bit of a surprise as I thought that 130.00 would provide a larger bounce. I guess falling a sleep early sometimes is good for trading as I didn't manage to stay up to buy around 129.95. If anyone did, I hope a 20-25 pip trailing stop was used as advised. If so than no loss/no gains. Sundays trade netted a nice 90 pips so there's no need to be get aggresive.
It still seems that there significant bearish pressure on the pair tonight and a test of 129.00 looks likely. The question is where to place the sell. 129.75-130.25 looks prime. In my opinion 129.80-130.00 is a good are to look in with TP around 129.15 and SL 130.30.

The pair  is still below the 100 EMA on the 1 hour - daily charts and is still looking heavy. There is a series of trend lines that should also provide resistance between 129.75-130.30. RSI is also facing up on the 4 hour so the price should go up a bit before it can fall some more.

On the smaller time frames it seems as though there is a mini correction in the works which should see resistance tested in the 129.75 area.  Trend lines come in around 129.00, 129.30, 129.70, 130.30.  EMA is nearby on the 5 min and 15 min and should provide some volatilty. a break of 130.30 could bring 131.00 into play. it looks like things might get choppy so placing a trail of 40-50 pips is wise.

FOREX DOJO TRADE # 23

My trade from last night is still open and I'm hoping that my TP will be hit shortly. If we do see 130.05 in the next couple of hours than I will place a buy order at 129.95 with TP 130.45 and SL 129.45. I would also add a trail of 20-25 pips to the new order.

FOREX DOJO TRADE # 22

There certainly seems to be significant bearish momentum on GBP/JPY which absorbing all attempts to keep the price above 130.00. Now that 131.00 has been breached it should serve as resistance on the way up. and Support lies down at 130.00. Since the price has managed to make lower lows and lower highs on the daily and 4 hour charts it seems that a down trend is being established. There is also a the factor of the 100 EMA which is providing resistance on the 30 min - daily charts. In the smaller timeframes the trend line around 131.00 should also provide an obstacle should the price try to rally.  I would prefer to to follow the trend by selling  GBP/JPY around 130.95 with my TP 130.05 and SL 131.51.

TAKING THE REST OF THE WEEK OFF

I have a lot to juggle this week and will be taking a break from forex until Monday.   Tonight though I will place a pending order to buy @ 131.25 and TP 131.99 with SL 130.75. Once again I am unable to share my analysis but will say that there looks to be good support below 131.00. Lets hope it  can hold up.

FOREX DOJO TRADE # 21

Tonight I wiil buy GBP/JPY @ 132.20 with TP 132.86 and SL 131.70. I don't have much time to explain my reasoning for the trade but I will say that the break above 132.25 about an hour ago is the reason for buying at 132.20. It should now serve as support with additional support lying around 131.80-131.90. Resistance around 133 looks strong so my target is just before that mark.

FOREX DOJO TRADE # 20

Tonight it seems that the price is on the fence. 132.50 is quite pivotal a break above could target 133.20 and above while a break lower has 131.60 as the next support and 131.00 below. I will be shorting GBP/ JPY around 132.40 with my TP 131.80 and SL 132.90. I am basing my strategy on the following circumstances:

1.There is a trendline on the 4 hour chart coming in around 132.40- 132.50 along with the 100 EMA around 132,15 which should amount to some volatitly tonight as we approach 132.40. Also the 4 hour RSI is nearing the overbought zone which indicates that the pair may probe lower.

2. The hour charts look like the pair may be setting into a 132.50-131.60 range with the 100 EMA flattening out and trendlines tightening. Selling or buying at the edges is the preferred move.

3. Lower timeframes are indicating a tug of war to bring the price above 132.50 or below 132.00. I'm thinking that 132.50 should provide good immediate resistance so I will be putting in a trail of 35 pips just incase we bounce and don't look back from 132.00.

END OF MONTH TOTALS

WEEK 1 =  + 181 PIPS
WEEK 2 =  + 10 PIPS
WEEK 3 =  + 233 PIPS
WEEK 4 =  + 78 PIPS
TOTAL = + 502 PIPS
 
GOAL = 800 PIPS / MONTH

FINAL GRADE = 62.75 % (C)

WEEKLY RESULTS

SEPT 26 (+20 pips) Trailing stop was tripped
SEPT 27 (+59 pips)
SEPT 28-29 (-55 pips)
SEPT 30 (+54 pips)

WEEKLY TOTAL = + 78 pips

FOREX DOJO TRADE # 19

Tonight I feel that going long from around the 131.00 level is the safest bet, so I will be placing a buy GBP/JPY order @ 131.10 with my TP 131.69 and SL 130.60. The reasons for going long are:

1. 131.20 - 131.00  has what looks to be like a major trendline support on the 4 hour chart.

2. The RSI is looking oversold on the 15 min -  4 hour charts and is showing an inverted H&S pattern on the 30 minute chart.

3. Decent resistance is at 131.70 and may have to be tested before another leg down so I am guessing that this test may come in the next few hours.

4. Price action is suggesting that the bears are losing momentum in the short term and a short squeeze is in the works. If 131.00 does not hold the next major support is around 130.30 which seems unreachable from where we sit, but anything is possible in forex so I guess we'll have to wait and see.

FOREX DOJO TRADE # 18 (actually a continuation of # 17)

Tonight I will not place any new trades unless I take a profit or loss in the next couple hours from yesterday's trade. We came pretty close to being stopped out but the 132.00 handle is proving to be tough to break. I see that the charts are looking pretty constructive and next resistance lies in the 132.60-132.80 zone so I'l keep my trade open and will check in every hour or so until my bedtime.

FOREX DOJO TRADE # 17

Tonight I plan to buy GBP/JPY @ 132.30 with a TP 132.80 and SL 131.80. My justification for making this trade is:

1. There has been a nice  bounce from the 132.00 zone which indicates the that support in the area is strong.

2. The 100 EMA on the 4 hour chart resides in that area as well as the 38.2 Fib level which equates to multiple forms of support.

3. The RSI on the 1 hour chart is is in oversold territory while a new low has not been made below 131.95 indicating that the bulls are running out of steam.

4. The next support after 132.00 is at 131.50 and seems unattainable from these levels unless there is a clean break of 131.90 (which is possible but I'm hoping won't happen before a test of 132.80)

FOREX DOJO TRADE # 16 (REVERSED)

BUY GBP/JPY @ 132.90 TP 133.49 SL 132.40
TRAIL OF 30 pips.

FOREX DOJO TRADE # 16

It looks like the price did end up getting stuck in 50 pip range for the last 24 hours and I'm planning to continue trading it tonight. My order for tonight wil be a short GBP/JPY @ 133.49 with a TP 133.00 and SL 134.01. My trade is based on the following factors.

1. The price has bounced off the 133.50-133.70 area twice since yesterday and I am betting against a break.

2. The range has been 133.60- 132.90 and it would be safer to continue trading the edges of range than to anticipate a break.

3. The trading terrain looks rough tonight with the RSI being choppy, short candles and the EMA  flattening out in the 30 minute and shorter timeframes. From here a forecast is very difficult so it may also be wise to put a 25 pip trail or avoid trading until the price breaks above 133.60 or below 132.90. To each his own.

ADD TRAILING STOP TO TRADE# 15

Just incase 133.00 holds solid I prefer to put a 25 pips trail. It is possible we may get caught in a tight 50 pip range so better be safe and break even than to have it break up and trigger a stop.

FOREX DOJO TRADE # 15

After looking at the charts tonight I've come to the conclusion that the GBP/JPY is slightly overbought. Based on my analysis I plan on placing my sell order @ 133.44 with a TP 132. 95 and SL 133.95. I have based my strategy on the following factors:

1. Based on the 1 hour chart it seems that the 133.50-133.75 level is holding up quite well. A trend line from 133.75 level seems to be coming in at 133.50 from where I sit and looks like a good spot set a short if it comes into play.

2 On the shorter timeframes it seems that new highs are not being above 133.75 indicating that the bulls are running out of momentum and may begin to bail out if 133.80 isn't breached in the next little while.

WEEKLY RESULTS

SEPT 19 (+50 pips)
SEPT 20 (+50 pips)                                                          
SEPT 21 (+50 pips)                                                     
SEPT 22 (+83 pips)                                                        
SEPT 23 <HYPOTHETICAL> (+50 pips)

WEEKLY TOTAL = 233 pips (283 pips including hypothetical trade)                    

FOREX DOJO TRADE # 14

This week has been good, 233 pips is 33 pips above my weekly goal. Instead of ending the week risking a loss, I would rather finish with a winning trade. Plus my SL last night was nearly tripped with the low beng 131.83 and my TP was just reached 2.5 hours ago.  If I were to trade it would be a buy @ 132.75 with TP at 133.25 and SL at 132.25. Once again I am staying out for tonight.
WEEKLY RESULTS WILL BE POSTED TOMORROW

FOREX DOJO TRADE # 13

Tonight I feel like the market is too short. At these levels a drop lower would be significant and I don't see it happening right now. I plan to go long on GBP/JPY @ 132. 32 with a TP 133.15 and SL 131.80. I will be buying because:

1. Based on the 4 hour charts there are multiple forms of support. First there is the 38.2 Fib level from the move up. Second is the 100 EMA just below around 131.85, and the third is a trend line. Also the RSI is showing divergence on the last bounce ( like a jewel in the sea)  

2. Also on the 4 hour there is candlestick pattern. It's a variation of the engulfing patter.

3. The price is making lower lows on the 1 hour chart and looks prone to to take out very near resistance at 132.50 .

4. Overall 5 min - 30 min charts are looking constructive. 100 EMA broken on the 5 min and staying above. EMA's on 15 and 30 min are getting close.         

FOREX DOJO TRADE # 12

I still feel that there is some bearish pressure on GBP/JPY preventing it from breaking 135 which is why we dropped as low as 132.38 after nearly reaching 135 last week. Tonight looks like a tough one to call which is why I am placing my order far from where we sit now. Usually I will place my order close to current levels and manually palce a trade if the price looks like it won't quite make it to my pending order. Tonight we sit right in the middle, so I am placing a sell order for GBP/JPY up at 133.35 with TP at 132.85 and SL 133.91. My basis for this trade is:
1.The price looks like it has enough momentum to break the nearest resistance at 133.15 but breaking 133,50 maybe a bigger hurdle and is also the area where the price last took a 120 pip fall yesterday.

2. The RSI on the 4 hour chart is pointing up and nearing overbought levels. with the RSI on the 5 min- 1 hour charts already overbought, it seems likely that we may see some more immediate gains before a sell off can emerge.

3. A trendline on the 30 min and 1 hour chart comes in at around 133.30, after which is the last highs around 133.40. Not much resistance after that until the 134 zone so I am hoping sellers are lined up alongside me around the 133.30-133.50 zone.

YOU CAN ALWAYS CHECK FOR RESULTS IN THE COMMENTS SECTION OF EACH TRADE

FOREX DOJO TRADE # 11

Tonight looks like there maybe a bit of a tug of war to bring the price below 132.75 zone or above 134.00.
I prefer selling from here and will place my order to sell GBP/JPY @ 133. 48 with TP 132.85 and SL 134.03. My reasoning is as follows.
1. There are 3 trend lines providing resistance between 133.50 - 133.70. The break below 133.90 hasn't resulted in a significant bounce so in my opinion a push lower may have to play out before buyers step in to to halt the decline.

2. The price has broken below the100 EMA on the 5 min - 30 min charts and is almost touching it on the hourly. The fact that the price has not been able to climb back over the EMA on the 5 -30 min charts and has not bounced significantly on the hourly as it approaches the EMA signals to me that  there is some room for the price to fall before it can go up.

3. The 50.0 Fib level sits at 132.75 and looks to be magnetic right now. 133.95 andthe 61.8 Fib level should provide additional resistanceon any further bounces. Tonight looks like a fight to bring the pair back up over 134.00 or send it lower through 133.80. In my opinion a move down should come first so from these levels I am bearish.

FOREX DOJO TRADE # 10

Tonight I will set a Sell order for GBP/JPY @ 134.46 with TP 133.86 and SL 135.01. My justifcation to sell is as follows:

1. Price action on the hourly charts seems to suggest that new highs are failing to be made. Apart from that any attempts today to reach above 134.40 have been met with resistance which is a signal that the bears are in the area.

2. The trendline reaching from 133.00 to 134.00 has been breached and the price is struggling to get back on top. This line comes in around 134.50 and I am hoping that it will remain resistance if it is tested tonight.

3. The 61.8 Fib level is in the 133.90 zone since it has been breached we may see some buying in that area if it comes into play again.If my sell is triggered taking profit in that zone is a safe play in my opinion.

4. 134.80 looks pivotal to me. If the price breaks this levels and manages to keep momentum above 135.00, then next resistance isn't until 135.60 zone. As the price seems overbought on the 1 hour - daily chart I am betting against a break of 135.00

END OF WEEK RESULTS

This week wasn't a great one. Starting out well with a break of the range on Monday, things became a bit more complicated when the BOJ was intervening by selling JPY. As hindsight is always 20/20 I see now that going long after the intervention should have been the main strategy instead of trying to pick the top of the rally. I took Friday off to gather my thoughts and avoid ending the week in negative pips. The results for the week are:

SEPT 12 (+ 50 pips)                             WEEKLY TOTAL IS: + 10 pips
SEPT 13 (+ 70 pips)
SEPT 14 (- 55 pips)
SEPT 15 (- 55 pips)

FOREX DOJO TRADE # 9 ( Change of TP)

Just want to bring TP level to 132.85. Don't want to stretch too far below .50 Fib level @ 132.95 range.

FOREX DOJO TRADE # 9 ( Go Figure)

After learning that the BOJ was selling JPY last night it's clear why none of the technical levels held there own. Now that we are nearly 500 pips from where we were on Monday, the break lower that was witnessed at 129.00 means a lot less. By where we sit now I feel that a cautious sell is the way to go . I will place an order to sell GBP/JPY @ 133.74(pending) with TP 132.65 annd SL 134. 30. Here's why:
1.After breaking 129.70 and 131.60 it clear that the immediate momentum has shifted upward. With the price sitting comfortably above the 100 EMA on 30 min - 4 hour charts it seems like the skies the limit, but is it?  The break higher was clearly based on fundamental factors (Government Intervention in this case). Now that these factors look to have subsided for now I think the price will return to it's natural course fairly soon.

2. The daily 100 EMA at 133 65 hasn't been breached and could be all that is needed to bring about a dip  as long as we don't close above it in the next few hours.

3. The RSI is reading Overbought on the daily chart but  oversold on 5 min to 1 hour chart. This indicates that although the move up is near the ceiling, there might another jump to see if the highs can be broken. I'm betting they can't.

4. The 61.8 Fibonacci level sits at 134.00 after falling nearly 100 pips already from 134.00 it looks like this level combined with the 100 day EMA could be enough to cap the rally for now.
EDITED @ 22:35 PST
CHECK COMMENTS TOMORROW TO FIND OUT RESULTS

FOREX DOJO TRADE # 8

Tonight I will place a sell order for GBP/JPY @ 131.60 with TP  130.85 and SL 132.15.
I expected for a good bounce from the 127.80 zone but nearly 400 pips is just nuts. Frankly I think this rally is overdone and a correction is now in play at least to the 23.6 Fibonacci level around 130.70. Tonight I will sell because:
1. The bounce from 127.80 has been extremely sharp, Profit taking and new shorts should provide decent resistance above 131.75 which is why my stop is in the 132.00 area. A break could mean 133.00 in a heartbeat.

2. RSI on 5 min- 4 hour charts is overbought meaning a reversal of some sort should be close by.

3. Although the 100 EMA has been smashed on all the charts from 5 min to 4 hour, it seems to have traveled to far from the price on the 1 chart which is why I prefer to play the reversion to mean card from these levels.

4. A trend line coming in at 131.30 has been breached but just by a hair. I feel the may drop back below it before making another jump.

[RESULTS ARE ALWAYS POSTED IN COMMENTS SECTION THE NEXT DAY]

FOREX DOJO TRADE # 7

Tonight I will place a sell order for GBP/JPY @ 128.60 with a TP 127.90 and SL 129.15.
Due to the pair breaking through support in the 129.00 region, the range between 130.00 - 129.00 has broken to the downside. Resistance now lies in the 128.80 area but pressure seems strong enough that we may not reach that level. A break of 129.00 could bring 129.50-129.60 into play fairly fast, which is why I have placed my SL close to that level. There are not many indicators that can help to predict price movement from this level so this is strictly a momentum catching trade. Here are some of the factors for which I prefer the short side:

1. Breaking of support first at the 129.40 level than again in the 128.90 level indicates that longs are bailing out and bears are gaining momentum. The lack of bounce at these levels also signals a strong bearish sentiment.

2. Next support rests in the 127.80 zone which should be where sufficient buy orders are placed due a seemingly strong trendline that lands in the area. Since this latest move looks like a sharp one, I would guess that the pair will test this area.

3.100 EMA on 5min-4 hr have remained well above the price which reflects the strength of the down move. In my opinion any rallies will be absorbed ahead of the EMA (based on 30min-1hour charts)

4. NEVER FIGHT A TREND when a move such as what took place yesterday happens, it is always wise to follow in the same direction. Simply put, "the trend is your friend" as the much repeated saying goes.

FOREX DOJO TRADE # 6

Tonight I will sell GBP/JPY @ 129.94(pending) with TP 129.45 and SL 130.44.
My strategy to sell is based on the triangle showing up on the 4 hour chart. I will sell at the top of the triangle in the 129.90-130.00 region with my TP set around the bottom at 129.40-129.50 zone. In addition to this shape the reasons I prefer the bears tonight are:

1. Resistance after 130.00 lies in the 130.30 region where the 100 EMA comes on the 4 hour chart. The EMA should also provide good resistance at those levels.

2. Divergence on the 5 minute charts is pointing to reversal on the intraday swing up which I anticipate to end in the 130.00-130.30 zone

Dear readers of this blog...

How humble and few you are I don't know. I ask that if you have any questions or comments please feel free to post them. Due to the nature of GBP/JPY, keeping focus on the single pair for now would be wise.
Regards,
Karim. D

END OF WEEK RESULTS

What a way to end the week. First the price gets as close as 1 pip to the stop then bounces and doesn't look back. Then the high of the day is exactly where the TP is. Thankfully I've learned not to watch my trades as they play out, or this one would have done havoc to my nerves.
This weeks results (including the past Thursday due to Labour Day Holiday) are:

SEPT 2 (+73 pips)                      WEEKLY TOTAL IS:  +181 pips
SEPT 6 (+50 pips)
SEPT 7 (+64 pips)
SEPT 8 (-56 pips)
SEPT 9 (+50 pips)

THAT WAS CLOSE

1 pip away from my stop being hit. This is when you need a good broker.
Might want to put trail of about 20 pips or so if 129.50 looks to be a bigger hurdle than was thought

FOREX DOJO TRADE # 5

Tonight I will buy GBP/JPY @ 129.50 with TP @ 130.04 ans SL @ 128.99.
I think a test of 130.15 zone is likely based on the following factors:
1. Price has broken above declining trend line on the 4 hour chart at around 129.50 Next point of resistance is in the 130.15 area where previous high have been seen.

2.The 100 EMA has been smashed on the 15min-1 hour charts signaling that momentum in the near term is up.
The price also has remained above the 100 EMA for the past 12 hours on the 15min- 1 hours which should equate to a pop higher during the Europe session.

3.Hourly Trendline and EMA converge around the 129.40 area. Combined these two variables should provide enough support for the up trend to continue at least up to the 130.00 zone.

4. 5min- 30 min RSI are in oversold territiory while the price holds above the 100 EMA. RSI on the 4 hour is pointing up and not at the top of it's range meaninig there is room for the price to go up a bit before a reversal.
130.00 seems to be magnetic and looks to be in play tonight therefore a buy is a better bet from these levels.

FOREX DOJO TRADE # 4 ADD TRAIL

Since we have dropped somewhat below the 129.40 mark a trailing stop of 15.20 pips would be wise.
The trendline in the 129.55 area seems to be holding up well as resistance. Just incase we get a bounce (assuming the stop does'nt get hit) it would be good to lock in around this level.

FOREX DOJO TRADE # 4

Tonight I will place a long on GBP/JPY @ 129.36 with TP @ 129. 98 and SL @  128.79
My reasons are as follows:
1. After the price broke through resistance in 129.40 area it should now use this area as an immediate support
2. On the hourly chart RSI is oversold  but price has only retracted to the 38.2  Fibonacci level from the bounce at 128.20 region showing that bulls are alive and well
3. The price has broken through the 100 EMA on the 15min-1hour charts and now seems to be using it as support on dips
4. The Trendline from 133.60-131.60 on the 4 hour chart comes in at 130.00 and looks prime for another test because the price has not deflected too far from it since it last touched at 130.26. With that being longs are favoured.

(CHECK FOR RESULTS TOMORROW IN THE COMMENTS SECTION)

CHANGE TP OF TRADE #3

Upon drawing some more trendlines on the the hourly chart I think it's best to tighten the TP to 128.84 region. or place a safe trail just to lock in pips.

FOREX DOJO TRADE # 3 (GBP/JPY)

Tonight my plan is to buy GBP/JPY @ 128.20 with TP@ 128.95 and SL @ 127.69.
Although the trend is definitely down, I think that 128.00 will be hard to breach from these levels. A pullback to 128.80-129.00 levels looks appropriate before downward momentum can continue. The reasons for which I predict a rise in price from these levels are:
1.The price has jumped once from 127.90 nearly 100 pips to 128.80 meaning there is decent support lying in the 128.00 area
2.The RSI is in oversold territory in the 5min-4hour charts which could allow some easing from the bears and some momentum for the bulls.
3.New lows are not being made below 128.00 and seem to be rising on the hourly charts which is also oversold. This indicates that going long from these levels is probably safer than selling.

(RESULTS POSTED TOMORROW IN THE COMMENTS SECTION)

TRADE#2B IF I made profit from the fall then I would put 10-15 pip trail S/L

Buy GBP/JPY@ 128.76 TP@ 129.22 SL@ 128.35
Correction bounce at 128.60-128.80 should be good for about 50 pips but a clean break could could bring 128.00 pretty fast so a tight stop is necessary and use a trailing stop of 25pips.

FOREX DOJO TRADE # 2 (GBP/JPY)

Tonight I will sell GBP/JPY @ 129.55 (if we see it) with T/P @ 128.95 and S/L @ 130.10.
In my opinion this trade is a little more risky because although the price has broken support at the 129.50 level it has not managed to break and hold below the 129.25 mark and the RSI on the 4 hour chart is in the oversold territory. Now the reasons why I prefer a short at this particular level are as follows:
1. There have been 3 modest bounces from the 129.25 area with the second being about 25 pips more than the first with highs in the 129.55 area first and then 129.77 area on the second bounce and then 129.55 again showing a small H/S formation.

2.The price has remained below the 100 EMA on the 5-30 minute charts as well as the 1 hour and 4 hour chart. This tells me that bearish pressure is holding up well and may force a break of 129.25 to test recent lows in  the128.80 area.

3. The supports in 129.80 and 129.50 area have been breached with 129.50 being a decent entry point and 129.80-129.90 providing additional resistance therefore a short trade is the preferred bet.

(P/L results will be posted in the corresponding comments section the following day)

FOREX DOJO TRADE # 1 (GBP/JPY)

Tonight I will buy GBP/JPY @ 129.91 with TP @ 130.64 and SL @ 129.40.
In my opinion based on the hourly chart there is a good chance the price will test the highs seen 2 days ago around the 130.84 area. My reasons being :
1. the price has bounced of the hourly trend line on two occasions and has broken minor resistance in the 129.75 area with next resistance around 130.50-130.75 zone.

2. the price has broken above the 100 EMA on the 5, 15, 30 minute charts showing that immediate downward pressure is easing allowing for a test of recent highs and resistance on the 4 hour chart.

3.RSI on the 15,30 minute chart is in oversold territory while the price remains above the MA