Hello every one we have a potential long setup in the Gbp/Jpy for todays forex trading journal. As I write this article I am watching the Gbp/Jpy touch the upward trend line. we have had some strong bullish momentum in the last few days. Right now I am looking for a long setup. If I get a 1hr candle close up then I will take a long trade. If I take the trade I will post it on twitter so make sure that you follow me to get the quickest updates. If you want to see my previous results read this post.
Here is the 1hr chart I am using as my guide.
Two important notes about this trade.
1. 134.00 is an important support area and the price is bounce off of that area right now.
2. I will not enter the bounce until I get a clear entry signal.
I since 134 is a strong support I will be willing to enter on a 5min candle close rather than wait for an hourly candle to close. The reason for that is so that I get in the trade earlier. That give two benefits on that type of entry. First benefit is my stop loss will be smaller therefore I will use less risk. The second benefit is that I get in earlier which gives me a greater profit potential. Those are two very large benefits.
My confidence in this trade is increased because I have several confirmations to help me build that confidence.
- Several support areas back it up. The moving averages, the trend wall and the horizontal support as well.
- The fact that we are in a stong upward price trend.
I will post via twitter as soon as the trade goes out. Keep me posted with any questions and comments and please help out by adding your own thoughts and comments below. If you would like to share your own entries please do so also. Those of you that post comments please hit the Retweet button at the top of this post so the word gets out about your comments and the trades we are doing here.
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