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
Friday, September 10, 2010
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)
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)
Thursday, September 9, 2010
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
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.
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.
Wednesday, September 8, 2010
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.
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)
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)
Tuesday, September 7, 2010
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)
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)
Monday, September 6, 2010
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.
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)
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)
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