TRADE UPDATE: 21st October 2010 9.36 am.
Trade closed as price reached limit and targt at 129. I am happy with this short term trade as it made me 50 pips. Look at the chart below. :p
pound yen trade
Pound Yen Technical Analysis
Good day guys. This is my first post this week. I have been a lil bit quiet this week on this blog as I have been actively trading the volatile markets this week. Need to give my full concentration when markets get this volatile.
Anyway, looking at the pound yen 15 minute chart above, I see a potential long trade to be taken at around the 128.4 to 128.5 region with target at 129.0 and stop loss at 129.1. Its not much in terms of giving a good ratio but the daily chart below is showing more promise.
gbp-jpy 21 Oct 2010 9.00am dailies
The Daily chart shows some interesting patterns. Corrections usually last 2 to 3 days. Yesterday closed witha green candle. Today should be a lil bit bullish for the pair. Also, we are near the support level 127.5. Technically, we are not out of the down trend yet but a short term bullish trade can be considered.
Success to your trading!
~ Ardy
Singapore Forex Traders’ Blog
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