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 trade

Pound Yen Technical Analysis

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

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