Closed GBPJPY for a profit
Looks like lady luck was on my side.. the GBPJPY fell and I closed when the downward momentum started to flag. I got out at 14933 for +40 pips!
Posts Tagged forex blog
Going short on the GBPJPY
I went short on the GBPJPY at 14973 as it was bouncing off the resistance as you can see on the chart below. There seems to be resistance around the level where the price action was and as the price action looked to fall, I felt this was a good entry. The market has found some strength all of a sudden however so we will have to wait and see what happens. I have my stop at 15024 with a first target (if things go my way) at 14900 or so...
USDJPY long today
I went long the USDJPY at 9796 as it seemed to have moved beyond the short term negative bias. You can see the trendlines I have drawn in. However, the GBPJPY and EURJPY have really shot ahead.. I am just about 10 pips up but if I had made the trend with the GBPJPY or EURJPY, it would be up by 50 and 40 pips respectly. It means I chose the weakest of the Yen pairs but also the less volatile. The profit potential for the first leg up isn't great, just 25 pips at around 9822 but there you are..
