Based on my 2 hour charts, I'll be shorting the gbp/jpy for the moment towards the area that I talked about in a previous post. Initial targets are at 195.20, 195, and then in the 194's if we get there.
As soon as I am in comfortable profit, I will be placing all of these trades to BE or positive a few.
Trades were initiated at 196. This could, more or less, be determined as a counter trend trade as the 2 hour trend is up IMO. With that, I am placing a small amount of risk in these trades compared to my average risk per trade.
Once we get to those lower areas, especially if we see the area of the daily 5 sma, I'll be sitting up and taking notice of any bullish price action for a solid trade that is in compliance with the weekly BUOVB.
Once in that area, I will wait for a solid 4 hour bar signal to place any weight on a long position.
Good trading everyone and I'll post any updates as they come about after dinner tonight.
As soon as I am in comfortable profit, I will be placing all of these trades to BE or positive a few.
Trades were initiated at 196. This could, more or less, be determined as a counter trend trade as the 2 hour trend is up IMO. With that, I am placing a small amount of risk in these trades compared to my average risk per trade.
Once we get to those lower areas, especially if we see the area of the daily 5 sma, I'll be sitting up and taking notice of any bullish price action for a solid trade that is in compliance with the weekly BUOVB.
Once in that area, I will wait for a solid 4 hour bar signal to place any weight on a long position.
Good trading everyone and I'll post any updates as they come about after dinner tonight.
I dream, therefore I become.