test
- #8
- Edited 6:45am Feb 19, 2015 3:55am | Edited 6:45am
GBPJPY ON DAILY is intact with a broken support level at 183.30 wish is being retested currently,
zooming the pair to H1 time frame shows a minor trend line lifting the pair above a retest to a previous broken high at 183.23.
Trade for these pair: Buy current prices with a hedged order at 182.55 (sell at this price double your first order size with a stop loss for the first trade) . Target to be updated.
Caution, strategy may not be suitable for all account sizes, be aware of your margin requirements before setting any trades.
zooming the pair to H1 time frame shows a minor trend line lifting the pair above a retest to a previous broken high at 183.23.
Trade for these pair: Buy current prices with a hedged order at 182.55 (sell at this price double your first order size with a stop loss for the first trade) . Target to be updated.
Caution, strategy may not be suitable for all account sizes, be aware of your margin requirements before setting any trades.
- #10
- Edited 9:40am Feb 20, 2015 8:17am | Edited 9:40am
Your gain is now lockable at 182.15/10. Trail your SL down to mentioned level, and enjoy what the market is giving you next.
Recap for the previous GBPJPY trade setup and hedge mechanism.
The distance between the hedge orders matters as well, in the actual example GBPJPY 85 pips between the two opposite orders, it could be tighter or wider depending on the volatility of the pair.
The tighter the distance the more profit and the fastest in matter of time to lock the gain.
The wider the distance the more profit and the longest the time to keep your trade active.
The case depends on your investment plan long or short.
Recap for the previous GBPJPY trade setup and hedge mechanism.
The distance between the hedge orders matters as well, in the actual example GBPJPY 85 pips between the two opposite orders, it could be tighter or wider depending on the volatility of the pair.
The tighter the distance the more profit and the fastest in matter of time to lock the gain.
The wider the distance the more profit and the longest the time to keep your trade active.
The case depends on your investment plan long or short.
- #11
- Edited 10:22am Feb 20, 2015 10:02am | Edited 10:22am
if you are wondering why GBPJPY reacted like this during the current hour, check the beginning of the blue box to the left.
Broken high (resistance) at 181.65 turned into a support level that has been touched once twice and these is the third time, driving the pair up again.
It is predictable that's where smart traders and well taught ones were placing their limit orders to buy the pair at this exact level and massively gain out of it.
Broken high (resistance) at 181.65 turned into a support level that has been touched once twice and these is the third time, driving the pair up again.
It is predictable that's where smart traders and well taught ones were placing their limit orders to buy the pair at this exact level and massively gain out of it.