Just a quick one.
Triangle on the GBPJPY. Took this trade on demo. Lately gotta focus on other things, so can’t afford affecting myself with the real account right now.
A good swing entry at 144.72, with a 37 pips stoploss, took profit for +75 pips.
Half position still running. Looking for 140.20
GBPUSD now showing a triangle, might be worth playing later today. But not for me, need to focus on other things!
EURUSD has a horizontal channel, perhaps it’s due for a retracement up to the 1.3050-1.3100
Of course a downside break is possible, if it happens, I think it might be a freefall type of move.
Anyway, enough for today, I’m closing shop!!
To resist looking at the charts even for a day is torturous..
I’m like in self-imposed cold turkey treatment for forex addiction!
No, not really… I’m not addicted. I’m not.
GBPJPY triangle 4th May
GBPUSD 1hr triangle 5th May
EURUSD horizontal channel 5th May
Well there we have it, very aggressive sellers broke the EURUSD horizontal channel to the downside.
1.2800 has proven to be a level of support as I’ve mentioned some weeks back in the longer term analysis of the EURUSD.
EURUSD has had 2 days of range expansion to the downside. Drops like this usually have some form of retracement.. I think there’ll be a pretty deep one.
GBPUSD triangle broke to the downside, moderate 50+ pips move to the downside.
GBPJPY swing short broke new lows, looking good.
Closed out that GBPJPY position in a few stages, for a total of +205.5 pips.
The bid prices touched my 140.20 target, but the ask price didn’t, so I had to manually close out.
Eurusd, weakness continues, but I doubt it will last. Watch for a retracement.
GBPUSD, after a couple of retracements it falls 100 pips from the break, which is the classical target for such a triangle.