GBP/JPY

Update 12/12/2011
Reflecting to the new strategy (based on lesson learned from CAD/CHF trade), I have change the profit target to 121.00. This point was reached yesterday, let see if this is reach again and closed today.


Update 07/12/2011
Transaction triggered on 06/12/2011 08:15:31 GMT. Will monitor the chart and adjust the SL and TP accordingly.


GBP/JPY Daily Chart

The overall trend is downtrend with potential resistance at 1.2000 (previous low). But if the chart can't break 1.2500 and start going down, the potential 1.2000 may no longer hold, thus the next resistance would be 117.50

GBP/JPY 4H Chart

Still looking at the downtrend and it 122.50 has topped the chart and the down chart is going toward 119.50

GBP/JPY 1H Chart

The hourly chart magnified the up channel from 4H chart and showing a reversal pattern (divergence).

Contract: Short/Sell

EP: 121.30 (The next low from 1H chart)

SL: 122.50 (The highest point from 1H chart)

PT: 120.00 (From Daily Chart and depending on the chart, could change to 117.50)

As always, risk only 2% or less.