Wednesday, February 11, 2015

Closed - Long GBPJPY (opened 9 Feb 2015), Short EURNZD (opened 3 Feb 2015)

I just closed a long on the GBPJPY. My entry setup was your typical breakout retracement. Price broke through resistance around 180.000, then retraced a little, forming an inside bar. What got me really interested was that the inside bar couldn't break down through 180.000, confirming that support had been established. My own fundamental analysis showed a bullish bias for the GBPJPY. Technicals and fundamentals lined up, so I saw a good buying opportunity. 

I went long on the close of the inside bar, with my stop loss 10 pips below the preceding candle's bottom. I took profit at 2R, about 70% of the way towards the next resistance level. 

The GBPJPY still has plenty of scope to move upward, but I'll see how it reacts at the next resistance level.


I also just closed my EURNZD short. Price is hovering at a support level, which hasn't broke for nearly three days. The Eurogroup is meeting today, so it looks like a coin-flip to me. My profit was about 1R. 

I went short on the close of the pinbar that appeared on 3 Feb. I was hoping to catch more profit, and exit near 1.50000, but the current choppy price action at support + major news today compelled me to get out. 

I still have a long on the USDSGD, which is currently performing well.

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