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.
Thursday, November 18, 2010
Wednesday, November 17, 2010
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.
Tuesday, November 16, 2010
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.
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.
Monday, November 15, 2010
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.
Sunday, November 14, 2010
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.
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.
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