I'm seeing another possible long opportunity in GBP/JPY. My last long was closed a couple of days ago as the pair dipped and took out my stoploss. I was able to bank 566.8 pips on the first half of the position and 424.7 pips on the second half. (By the way, I still have my EUR/AUD short open. Unfortunately, it has not fared as well - I may be exiting that position soon.)
Tonight, I see that the pair has pulled back to the rising trendline on the daily chart. This could be a good low-risk opportunity if the trendline holds. Here's the daily...
If we zoom into the 3 Hour chart, we see the action around the trendline a little more clearly. The pair has tested the rising trendline multiple times in the recent past, and each time we've seen a pin bar form at the trendline with a nice sharp reaction. Today we've got another pin bar that has formed, so I'm looking for a good bounce. Here's the 3 Hour chart...
I've place a stop just above the recent price action, so if the pair continues to move up and away from the rising trendline, I'll get on board.
- Long Entry: 143.1
- Initial Stoploss: 141.0
Edit 4/22/09 9:15 PM: Well, I got stopped out of my GBP/JPY position today as the pair broke the trendline. I was wrong on this one - on to the next trade.
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