Daily and 240 - Trending down. Bearish pennant but trading just above the monthly primary pivot. Stoch shows some positive divergence. Still watching the CD leg of a possible Gartley.
60 and 15 - $ looks to be filling Sundays gap. Macd bias looks bullish.
I have a bullish bias to 132.00 and 132.50. If 132.50 happens this could complete a possible AB=CD. To the downside im looking for 131.20 and 130.70.
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Just my $.02
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4 comments:
Reached the 132.20 (.382 fib) level and made for a great scalp make to the .236 level. Good for about 35 pips.
This pair either gives me a lot of pips or kicks my ass (mostly kicks my ass). any suggestions on what to watch for here?
Steve, Jon and I know how you feel. We have been trading for about a year now and very rarely trade this pair because of the big moves. The stop loss is too much for our comfort level.
I see that the first targets in both directions have hit and it looks like a cup and handle are forming on the 15 minute chart. Does this sound right? Where would you enter this trade?
Kim
Steve,
I would suggest maybe not trading this pair until you got it figured out. Maybe just stay with the GBPUSD, i know you do pretty well with this pair. trade the GBPJPY on a demo until you get it figured out or scale down your sizes to $1000 contracts. If your still trading on the navigator just change your lot size to 0.1. It's easier to swallow a $.10/pip loss then $10.00/pip.
Kim,
One thing you could consider here is orders for strength AND weakness. set an order above the handle and one below the handle to cover yourself both ways. Looks like both could have triggered for you with profit on both trades.
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