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Closing GY Short @ 142.93 Out Early -10 Pips

Posted by Nick 8 Comments

You cant win them all guys!

This trade looked good when it broke but it seems to have found a lot of support down at the 142.50 area. The support created some pretty heavy indecision which seems to be suggesting a bullish reversal. Note the higher highs and lower lows of the last 4 candles on the hourly chart below.

Related posts:

  1. Failed G/Y Short – Part 2
  2. Closing the 158.95 (+2 pips)
  3. Closing This One Out Early
  4. Closing 136.50 Long Break Early
  5. GBP/JPY Weekly Analysis (Wk Strt Jan/31/10)
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  • caffepets

    Im in the trade anyway, hope it bounces down.

  • stephane lesieur

    Nick, do you consider 142,50 as a new scalp line ?

  • Cyprusman

    It was my intention to take the break of your 143.6 line in confluence with a breakout from a triangle formation on the 4hr chart. The range was being squeezed tighter for the last 4 days. On the 15 min chart you can see a classic Breakout-pullback, retest-continuation pattern. Busy fixing someones bl*** satellite.

  • manny

    Luckily I spotted the reversal signs, exited at minus 38 pips and then went in long and I managed to make a profit of a few pips :)

  • Art

    I had a line at 144.12 & a trend line that were both broken with bearish candles that confirmed a short entry at 144.05.

    Leading into the break of 143 support area did not look favorable to me even though it was approaching with momentum & another trend line break when price reached 142.80-142.60 area because price slowed down when reaching 143 area & acted spuratic & due to it was closing of london session leading into NY session.

    That’s not to say that later leading into the next London Session that price will not continue on its downward trend but of course, price & candles & trend lines will confirm which direction, if any.

  • Alan

    I was surprised to see you take this trade – in the previous 12 hours the market moved 220 pips.

  • Vernice

    I took the trade too but exited early as I saw there didnt seem to be much momentum and since the pair has moved a lot in the 2 sessions, it may have tired out. I was also at the same time comparing cable and also USD/JPY which is nearing some support and I exited.

  • nick h

    hello fellow traders

    pound yen..4th may..ermm well..

    Rangebound 240..short breakout..break of LL(2)..to gain short bias..
    price was retracing to a 61.8% fib level..which it hit..right in the bulls eye..

    you needed a break of 142.61 to gain a short bias..from the initial move..

    however..once the trend had been dictated..it fell like a lemming in september..

    happy trading :0)