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Wednesday, February 22, 2012

Trade analysis $GBPJPY


Here is the daily chart I post on Feb 20th, 2012 NOT a closed candle but.. $GBPJPY Daily

It peaked my interest because it was a bullish 161.8 (golden ration) touch and pullback.

I suspected some correction would occur so before bed last night I checked my m15 to find the nearest valid bearish 23.6 level which turned out to be 126.50 as shown on the following chart.

I had a short entry at 126.53 to catch a test of that level with a 126.83 stop above the 0.0 line which invalidates the trade (hence total risk was 30 pips).

Closed the trade manually after I got up for +68 pips

Click for larger image

This post is for informational purposes only (see disclaimer below). If you trade this setup you do so at your own risk.

Comments welcome


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