Sunday, 17 July 2011

GBP/JPY Analysis

There's a nice downtrend on the daily timeframe so have been on the lookout for price action setups. Fridays close produced a inside bar. It is sitting near resistance so a break of the bigger mother candle needs to happen before i consider entering. This mini retrace here has also retraced 50% of the 5th July High. The inside bars have bounced twice off 8ema. Placing a order based on the break of the mother candle as per below:

STOP: 12745
ENTRY: 12674
LIMIT: 12532

RISK/REWARD: 2/1

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1 comment:

  1. Tee Man19 July 2011 at 21:13

    Stopped out of this one, inside bar didnt work on this occasion

    ReplyDelete

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