GBP/JPY Technical Analysis for Week Commencing May 10th 2010

Winners Edge Trading Trade of the Day

Winners Edge Trading Trade of the Day

Using the Ichimoku overlay and scalping on a 30 Minute chart, I’ve been
fortunate enough to pull 189 pips from this pair since just after open
of trade at 21:00 BST on Sunday the 9th. Since the most active days are
Wednesday and Thursday (see below) I think this is one worth following
into the week.

The Tenkan-Sen (Blue) is showing a good upward climb paralleled by the
Kijun-Sen (Red). There was a false crossover in the MACD followed by a
bounce and then widening giving confirmation of an upward trend. The
Chikou Span confirms an upward trend in that it is at or below current
price (at time of writing). Kumo cloud is thickening which foretells
of volatility to come and is also showing some resistance. The current
action is well above the cloud giving more strength to the trend
moving north.

Forex Chart

GBP/JPY (All times, unless otherwise stated, are in EST) The most
active days are Weds (25% TM) and Thurs (24% TM) 95% of trends occur
between 01:00 and 13:00. 45% TM begins at 05:00


Mike Griffiths
YankeeClipper

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  • YankeeClipper1

    I hope everyone had their stops in place… this one ran away from me a bit while I was at the doctor's for an appointment. I had a 10 pip trailing stop so (thankfully) didn't lose much here