On the 18th of september 2011, a sell signal was generated on the GBPJPY pair. But like i pointed out in my earlier post, taking signals on higher time frames takes forever to reach it's objective. The counter move which is always half expected generated the very bullish move we have seen so far. Hopefully this year or next, when the pair begins to fall, i am estimating a hard downward push to as far as 5486.
Another trading opportunity just presented itself on the EURAUD pair with the break of 13791 and the subsequent break of 13903. Eventually, price should revert back to 13791 upon which further lots will be added to the present trade for an adjusted take profit of 13250.
Key support and resistance for some pairs i am looking at for next week. EURAUD support line has been broken so i am expecting price to fall to 13594. GBPJPY: if 17933 breaks i will expect price to rise to 18320. Eurtry resistance of 28991 has been broken so i am expecting price to rise to 29240. These are semi to long term projections.
I try as much as possible to trade starting with the lowest time frame possible. It is much easier to manage your stop loss and profit potential. A good signal on the 5 minute chart for me, usually takes 3 to 5 days to mature. Any higher and i might be looking at weeks.