Dynamic Trader Forex Blog FXCPS.co.uk: GBPJPY

Good Evening / Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = GBPJPY : Day chart below.

Good Morning Guys,

I woke this morning to find 5000+ pips on my container ship, so I thought I would check on some of the containers that came a little loose from their chains through the night, I would not like to loose any of them.

The one which drew my eye to be checked on, was the GBPJPY . I have posted the chart below for you to study. As always I followed my rules prior to entry and was using one of the LONG term strategies taught and discussed in the "Trading Room".

The trend was down, price was within its channel and previous support had become resistance. We had a RN around resistance and were in a Fib breather area. Stochastics had crossed down and the trigger was set (maybe aggressive) to enter on price dropping below previous low.

The trade did trigger, however price failed to continue down and has turned back up, maybe to retest resistance, if so could provide a double top ? The trend is still DOWN.

Please do your own analysis before entering a trade.

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Trade with Passion

John Maher
Forex Analyst