Forex education: Trade update for GBP/JPY 212.00 break

Posted by Nick 7 Comments

Hey guys,

A few hours after I put out yesterdays analysis in which I suggested a trade on the break of 212.00 for GBP/JPY that trade happened. I said in the analysis I would aim for 70 pips then close half and move my stop to break even. That is what I did, I closed the first half at 212.70 and the second at 212.52. In the video below I explain the trade in a little more detail and I also explain the importance of aiming for a target based on the line and not your entry.

Hope you took that trade and made profit, if you did leave a comment!

Tags: 70 pips, forex, forex analysis, forex profit, forex trading, forex trading education, free forex education, free forex signals, gbp/jpy, trade update, weekly analysis

http://www.eltonforex.blogspot.com Syres

There was a lot of discussion about the entry in chat room when it happened. I didn’t enter before 212.15 and this time I think it was right decision, because firstly I was thinking about entering around 212.10 to 212.15, but after it retraced from 212.07 for quite a while I made my entry plan exactly at 212.15 to be safe.

Any comments on that, Nick?

I will post the same question in forum under Talking Forex section. I just wanted to post it here too because some people watching your analysis may not know about the forum.

P.S: I’ll add my analysis of the results of that trade for me and what I learned from it in my journal soon. I’m very disciplined. I hope you’ll never see me bail out without knowing the reason why nor entering without a reason.
PAJ

Nick, I took this trade on the first break, but came out after it retraced more than 30 pips, so lost 30 pips. It really took its time, I thought it was another fake out, didn’t trust it the second time, it faffed around again, I was in the chat room at the time and I think some of the other guys may have had mixed results.

Thanks

PAJ
Wes

Thank you Nick,

I made a little over 50 pips on this trade!

Thanks again,
Wes
patrick

Nick, I am new to this. I watched your weekly advice with the S/R lines, and the long and short reco’s if crossed. By the time I got home it had moved up beyond the 212.00 already. I decided to get in even if late, to prove / try it. I entered @ 212.44 and put my limit @ 212.69 ( your 70 pip advice / wisdom ). I came back later in the evening and found it closed out for a profit. YES ! I must confess this was only with a ” Demo ” , however it felt good just the same. Thank You.
MiForexTrader

I asked this question in the fourm…

Nick,
I am curious what time you put on your trade? Did you wait until after the USD Existing Home Sales @ 15:00 GMT? Or, did you enter before that at around 14:17 GMT?

Regards,

MiForexTrader
Tony

Nick,
How can you better explain a major support/resistance line? I know the scalp lines are the spikes that are created during the week. But I’ve figured out that when you take the close of the weekly low or the high and put a line there usually usually the week after if it breaks it that I know that most of the time is a good line to get into is that what you mean by a MAJOR support and resistance line?
Thanks.
JeffNLisa

Nick, there are times when the updates during the week provide as much “education” as the analysis at the beginning of the week. I have not been trading for a couple weeks, because my work schedule has been too stressful, but I set alerts on each of the three lines from this weeks analysis, and was able to watch on two of them.

Little by little, some of your “pupils” are going to become “monsters” in forex!! (And I believe I am going to be one of them . . . ). If it gives you satisfaction to know that you are genuinely helping people with what you do, then you have every right to feel pretty darn satisfied–

As always, thanks for everything you do.

Jeff