[TW] 11-07-2011 GBPJPY Long by pipballer

GBPJPY 1hour


Long or Short: Long

Entry Point: 125.25

Stop Loss: 124.50

Profit Target/s: 127

Reward-to-risk Ratio: 2.5:1

Risk percentage: 1%

Indicators used: None

Trade Rationale: Inverse head and shoulders pattern on GBPJPY. I’m also banking on the threat of potential intervention as a cause for GBPJPY to see some buying pressure. I think the neckline has been broken already, and we could see the pair continue to rise. I’m aiming for resistance at 127.00

Trade Adjustments: Move stop to break even once i’m up 100 pips.

I like the trade thanks for sharing! The 4H chart shows even more pronounced pattern. Im a little hesitant right now, though, just because both stoch and RSI show overbought pretty good on both 1H and 4H. What do you think? I agree with the intervention possibility and think it could be great longer term trade just not sure if it might go down first for awhile.

Interesting, although we will see how the markets will play out in the new hours. To be honest I’m going to moving away from USD pairs myself since the US is in a rut. The Feds don’t know what the heck to do and, a possible decision to activate
QE3 will burn the greenbacks.

i believe that this setup is an okay trade…entry long around 124.75 would be good…
according to chart and babypips school, last 2 months candle has formed a reversal japanese candlestick pattern…and it is a japanese pair right :smiley:
and i see the price before and after intervention is the price that BoJ will try to maintain :smiley:
so its bullish or bullshi* this month?:smiley: