Tuesday, 5 July 2011

GBP/JPY Analysis

Based on the 4hr timeframe, we have uptrend which is building momentum. Today a 4hr hour pinbar has formed which has bounced off the 13000 support which was pretty resistance before. We have also had 2 rejections of 21ema which suggests a move higher is likely. The 2 moving averages are also supporting this trend so ive placed a LONG order as per below


STOP: 12986
ENTRY: 13007
LIMIT: 13112

RISK/REWARD: 5/1

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1 comment:

  1. Tee Man6 July 2011 at 21:50

    Stopped for 21 pips

    Bearish pin on daily timeframe proved more reliable. Bear flag too.

    ReplyDelete

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