Got to remeber 1 thing, all pairs retrace after strong up move. I am out with 106 and the nice thing about this pair is I can easily get back in with the next push.
Doubt it. They'll be more resistance at the 50% fib level (I have 240.24 on my chart) and a bit of profit taking to send it back down again.
It's also about 50-60pips away from the 5SMA level on the 1hr chart which should draw it back a bit.
Ignored
Yea, Technicals, That is the problem when working with T/L alone, I have a res. line at 240.14 if we break that 241 is a good possibility. But only if this candle closes above that.
On thing to remember, indicators lag, candle formations do not. Here is what I am looking at, I already captured a bullish engulfing formation on the 1 hr earlier together with the T/L break that got me 100 pips on a retrace, Now the bigger picture, If this 4 hr candle at 9 EST closes above the previous then we got a larger retracement coming. Keep an eye on it, it may keep you out of a losing situation. If it doesn't, expect more move down.
On thing to remember, indicators lag, candle formations do not. Here is what I am looking at, I already captured a bullish engulfing formation on the 1 hr earlier together with the T/L break that got me 100 pips on a retrace, Now the bigger picture, If this 4 hr candle at 9 EST closes above the previous then we got a larger retracement coming. Keep an eye on it, it may keep you out of a losing situation. If it doesn't, expect more move down.
Jim
Ignored
Hi I'm using MT4 and my 4hr chart is different from yours? Any reason why?
What is your chart saying for GBP/YEN? Any chance of going long? if yes, when is the best time and if short, when?
Ignored
That move up went right to the 5sma on the daily chart, then bounced. We are still very much bearish. I wouldn't be surprised if it started down after 9.
We may not get a real direction until after the stock market opens
Auslanco - GBP/JPY and GBP/USD (newstrade)
