Will GBPJPY drop to 143.3?
Currently trading 144.45 with a downward trend. Expected high has just been hit (144.5). Expecting the newly created bearish channel to now continue to 143.35. We placed this trade lastnight at 143.85 (sell) with s/l at 144.9 and t/p at 143.35.
15/12/2009 - 12:54 pm
Correction! Went to 144.8 (not 144.45). Expect this to be choppy today, and expect to continue it’s downward trend tonight (Sydney time) to said levels.
15/12/2009 - 12:58 pm
A lot of UK data is due out tonight, so this will have a bearing on the play of this pair (as well as any other GBP currency pair). So kepp that in mind prior to making a decision to trade this pair.
15/12/2009 - 6:13 pm
This pair is pretty choppy as predicated. Moved S/L to 145.35 (should’t really move S/L’s, however, I do feel this pair could test that region, prior to dropping again.). This is a risky trade though.
15/12/2009 - 8:54 pm
This pair is trading very close to the stop loss we set to 145.35. Although the UK data has come out, and was better than expected, the 3 items of data only beat the expectations by 0.1% each. It’s hard to know how the market will react. Recently we had US data that was much better than expected. The UK data is only slightly better. This pair could range up or slip down to our levels. We will keep this trade open to see how it goes.
17/12/2009 - 12:58 pm
Well this pair ended breaking our S/L. Can’t win them all.