[TW] 02-27-2012 GBP/JPY Long by dudest


Time Frame: Weekly

Long or Short: Long

Chart: weekly and daily charts below

Trade Rationale:

After a downtrend, a double-bottom reversal pattern has been formed within the bounds of two significant S/R levels ( 117.693 & 125.975 ). Price has already began to break the 125.975 level. It will probably rotate back to test the level and (hopefully) rotate back upwards with the new trend. At the point of rotation, will be looking for a significant price action signal.

Trade Details:

Long GBP/JPY at 127.400, stop loss at 126.000, first profit target at 128.000, final profit 130.250

Reward-to-risk: 2-to-1 (final)


High of 129.66 reached during first 4H of trading today (27th Feb 2012)
Pips already achieved: 226