GBP/JPY 204.70 break trade

Hey guys,

Even if I got the analysis out on time it would have been way too late for this amazing trade. The first candle of the week caused a short break of the 204.70 line and we got a nice 100 pip move from the break.

If you look back to the weekly analysis for week starting 10th of Feb 08 I mentioned I would enter a short on a break of the line. Obviously that trade never happened until now. So this trade was a little delayed but it was good.

I close my 1st half with about 100 pips and the 2nd is still open in the trade. It is reversing now so i will keep a close eye on it and see how it goes. Either way is is a great start tot he week.

If you took this trade levae a comment, I am hoping atleast some people took it.

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5 thoughts on “GBP/JPY 204.70 break trade
  1. Sure I took it Nick! I even entered about 50 pips before – premature entry on SR line just before the yearly low, because I thought that the momentum, current market situation and that it had been a while away from that SR would help breaking the low of this year. And it indeed worked out. Very very good trade. I will add entry to my journal as soon as I close second half.

  2. Yep, I got that one on the nightshift. 71 pips on the first half but unfortunately stopped out at break even on the second. Still, as you say Nick, a great start to the week.

    Cheers.

  3. I took this trade too, entered as the first candle crossed it and closed below the line. Had to wait a long time (6-7 hrs.) and stick to my stop loss alarm at 70 pips. Exited first half at around 100 pips from the line and got stopped out at break even on the second half. It made a very nice bounce off of the 203.50-203.45 Line. Great start to the week, thanks for your analysis Nick.