Trend is down and resistance doesnt come until 123.35. There is also a bounce off 9ema which sits at the 125.62 support too. Order placed to go short as per below:
STOP: 12536
ENTRY: 12470
LIMIT: 12338
RISK/REWARD: 2/1
Thursday, 1 September 2011
GBP/JPY Analysis
Bearish pin bar candle developed on the daily timeframe. The 4hr chart shows a nice level at 125.62 where former resistance has now turned into support with 2 bounces off that level with a pinbar. Ideal entry wouldve been a retrace of these candles.
Trend is down and resistance doesnt come until 123.35. There is also a bounce off 9ema which sits at the 125.62 support too. Order placed to go short as per below:
STOP: 12536
ENTRY: 12470
LIMIT: 12338
RISK/REWARD: 2/1
Trend is down and resistance doesnt come until 123.35. There is also a bounce off 9ema which sits at the 125.62 support too. Order placed to go short as per below:
STOP: 12536
ENTRY: 12470
LIMIT: 12338
RISK/REWARD: 2/1
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stop moved to b/e
ReplyDeleteclosed out this morning at 12350 for 120pips
ReplyDelete