GBP/JPY Pin Bar at Rising Trendline

March 30, 2009 22:46 by Jon

Good evening, all.  I'm going to make this short, since I'm anxious to hit the sack.

GBP/JPY:  Overall trend on the daily is up.  We've got a pin bar reacting off of the rising trendline as well as the downtrendline that was recently broken.  These two lines meet right at the tip of the pin bar.  The subsequent bar has been a nice bullish bar  This looks like a good long to me, so I'm in.  Of course, as we've seen recently, I could be wrong.

  • Long Entry:  140.36
  • Initial Stoploss:  137.2
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Categories: Discretionary Trading
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April 9. 2009 02:57

I've been following this trade since you first posted it. Was your entry successful? That is a hell of a trade man. Nice work. One of the better GBPJPY trades I've seen in the blogosphere that I can remember. My next question is, have you taken any profits yet?

the Lonely Trader

April 9. 2009 08:00

Thanks, Jay. Yes - my entry on this one was successful. I took profits on half of my position at 146.028 (1R) on 4/2/09. I've still got the other half of the position open, and hope to see it continue to rise. It's looking like we may be getting ready to resume the uptrend after taking a break for a few days, so I'm staying in it for the time being.

Great to hear from you,

Jon

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