[TW] 7-4-2011 - GBP/JPY Long by Donnapinciotti

Trading Discussion
1

Long or Short: Long

Entry Point/s: 130.50

Stop Loss: 129.50

Profit Target/s: 132.50

Reward-to-risk Ratio: over 2:1

Risk percentage: 1%

Indicators used: none

Trade Rationale: Isee an inverse head and shoulders on the 4-hour chart of the pair. I’m planning to go long around the break of the resistance at the neckline. I think if risk appetite continues I will be able to take this trade.

Trade Adjustments: I’m gonna move my stop when i’m halfway to my profit target,

2

have you thought about the falling trendline and fib resistence? even if the head and shoulder pattern workout i think they might cause a problem. Anyways i wish you the best of luck.

Yousuf.