10 Big figures in GBP/JPY from 202 area Probably in a week Might Hit even 215 Focusing now on this trade
They look similar to Bollinger bands or something....don't know, but those buy/sell parameters looked like they worked.
I figured I would bump this and see if I can draw any feedback on the pair and my views... I went short last night @ 1.977, looking to play some of the UK rate news this morning as well as the overall downtrend on the hourly. I have limit sells doubling in size just shy of 1.985 and again just shy of 1.99. I use Oanda so my initial short entry is pretty scaled down. S/L for all is above 1.992...a solid break and hold above this figure would indicate at least a temporary end to this downtrend IMO. We were unable to break 1.985 last night and after consolidating into an ascending triangle on the 15 minute charts this morning, we broke out to the downside and right on through 1.975 as well as the previous daily low @ 1.9730. My charting... Hourly below... <a href="http://s24.photobucket.com/albums/c26/sammybiker/?action=view¤t=gbphourcopy-1.jpg" target="_blank"><img src="http://i24.photobucket.com/albums/c26/sammybiker/gbphourcopy-1.jpg" border="0" alt="Photobucket"></a> Zoom in shot of the 15 minute... <a href="http://s24.photobucket.com/albums/c26/sammybiker/?action=view¤t=gbp15copy.jpg" target="_blank"><img src="http://i24.photobucket.com/albums/c26/sammybiker/gbp15copy.jpg" border="0" alt="Photobucket"></a> Thoughts? Feedback?
i saw a falling wedge formation when i put it on the 4hr, a bullish pattern. You just need a breakout to confirm the trend.