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146.95 Sucked, 148.00 Long is Looking Good Though!

Posted by Nick 7 Comments

Ah well it happens.

Moving on the candle that couldn’t break through the line has turned into a reversal candle and it is looking good for a reversal trade. I am keeping a close eye on it and I may enter long on a break of the 148.00.

It really looks like the bulls want to take this one up!

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  3. This Weeks GBP/JPY Forex Trades – Part 2 (Wk Strt 20/07/08)
  4. GBP/JPY Quick Analysis (Wk Strt May/10/09)
  5. GBP/JPY Current Master Candle
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  • Rich1969

    Hi Nick,

    I agree a nice reversal candle but I’m a bit worried about its location in relation to past price action. Trading back into the 147 – 149 zone put us head on with lots of traffic which could just “bounce” the price back in our face again. PA hasent been that convincing in this range; look back over the range from early to mid April on the Daily chart.

    What do you recon?

    Rich

  • ED

    Nice. I left a comment on Metalhawk blog, but I can see the confirmation here now about the doji that formed in my 3 hour chart (Oanda does not have 4 hour)
    Nick, does it make any difference that I’m using a 3 hour chart form Oanda for your signals? The line I have draw are pretty close from the ones you,metalhawk and fetor give.

  • http://None graham

    Looking at my charts right now (15hr.30 EST) I would not rush to go LONG. Infact I will wait for the recross below 146.94 for a SHORT trade, because I believe that’s where it will go. But I will wait, and wait to be sure.

    Success to all.

  • Marvin

    i also agree with a reversal considering 146.96 has been bounced off of 3 times and crossed breifly only once. there is also consolidation between 146.96 and 148.00 area with higher lows so far

  • jesimps

    There was a good observation on metalhawk’s blog comments in that the ADR had already moved more than 300 pips when that trade was triggered. Worth a reflection.

  • NickB

    @ED:
    It does make a big difference. Just use MT4 for charting. Most traders have a charting platform and a trading platform. You can easily trade with Oanda and chart with MT4 or Dealbook.

  • NickB

    @jesimps:
    Yes he is right it moves beyond its ADR and trades tend to get a little riskier when a pair is outside its ADR.