Weekly Forex Trading Wrap-Up for GBP/JPY (Wk Strt 27/04/08)

Hey guys,

Here is the weekly wrap-up for last weeks GBP/JPY trading. We had a pretty good week with two profitable scalp trades. Other than that the support and resistance lines we were using both got reinforced so they should be even better for this weeks trading. Watch the video for a more detailed breakdown of last week:

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13 thoughts on “Weekly Forex Trading Wrap-Up for GBP/JPY (Wk Strt 27/04/08)
  1. Yup, made a little more then 100 pips. Friday was too risky for me, so I played it safe. Anyway great week and thanks for the video, always appreciate.

  2. Hi Nick!

    I made 42 pips on the 204.09 scalp. Beginning to understand how you spot scalp lines ;)

    And thats the important thing, understanding.

    Magster

  3. Hey Nick, what about the doji at 209.01.Isn`t that a broken trend? I took short on 208.00.

  4. Nick, aren’t you the one advocating not trading on the last few candles on Fridays, not to mention not to trade on NFP Friday? So that second scalp shouldn’t have been taken, or at least closed before it had a chance to peak here, since it happened due to the NFP news release.

    ???

  5. Hi Nick,

    Great week !! I actually entered the 204.10 scalp trade earlier from the 15mins chart at 204.63. Then let it run through when it crossed the scalp line.

    Great trade for 100 pips.

    Thanks again.

  6. Metalhawk »

    The Last few is not the 5th last candle, it’s the last 3 or sometimes 4 candles. If I open a trade on the 5th or 6th last candle and it does not move right away I will more likely than not stay in the trade. I wont open past the 3d last candle of the week but if the position is already open I see no reason the close out with a loss.

    As for the NFP Friday thing you are right, that was my mistake. I only took two trades last week and that wasn’t one of them. I did not know it was NFP Friday, some weeks I get very busy with non-forex related business and I miss these things. So that last trade of the week I would not have taken since it was so close to the NFP. So the actual profit would be more like 50 pips which is good anyway.

  7. I agree, that last scalp trade was a bit too close to the NFP report so I also didn’t entered. Instead I went short on the 205.70 scalp line closing my 2nd half position just above the 207 level. I made 105 pips in total for the week….very good!!
    I’m really looking forward for the break at the 209/203.33 levels (hopefully)this week. Thanks Nick!!

  8. 63 pips on the GBP/JPY !

    Thanks always for all that you do Nick. Your blog and forum is great.

  9. Nick,
    210.56 I dont see where the strength for this line comes from. It surley lost it’s relavance during Feb when it was crossed and re-crossed over again. I probably cant see the woods for the trees but I dont see this one. Please advise.
    Regards,
    Pete