Cross-Eyeing: GBPJPY – Close Open Orders

Close Open Orders: 2009-11-24 00:15

Good morning! It looks like I couldn’t catch a break on GBPJPY as I missed the initial break of the symmetrical triangle, and now the market failed to make it up to my short entry point at 148.50 on the retracement.

It looks like the pair has bottomed out in the short term at previously tested resistance (around 146.50) and may even move higher from here as markets continue to be rangebound and choppy. It’s possible we may even see a retest of 150.00 this week as risk tolerance is back in play after positive data from the US today. With that said, I think I will close my short entry orders at 148.50 and look for another opportunity.

No trade.

A lot of good moves in the pair, but I just wasn’t able to catch any of it. Hopefully, the pair will retest 150.00 as that where I will be looking for another opportunity to short. Stay tuned!

Trade Idea: 2009-11-19 12:53

crosseyed chart

Finally! On my last blog entry, I was watching the symmetrical triangle and waiting for a breakout to put a position on. After waiting for a week, a breakout lower on GBPJPY has finally come through at the open of today’s Asia trading session. It was a strong move lower before finding support around 147.50 and retracing just a bit higher.

I look to take a short position if the pair retraces all the way back up to the Fibonacci retracement levels marked on the chart above. Stochastics are still indicating oversold conditions on the one hour chart, so the retracement may not be done quite yet.

My entry level will be at the 38% Fibonacci retracement level and my stop will be just a bit more than the average daily range of 180 pips, and I will ultimately target major support around 140.00. Here’s what I am going to do:

Short GBPJPY at 148.50, stop at 150.50, pt1 at 146.50, pt2 at 140.00

Remember to never risk more than 1% of a trading account on any single trade. Adjust position sizes accordingly.

Thanks for checking out my blog and stay tuned for updates and adjustments!

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  • PipWolf

    Cyclo, I have a virtual clone of this trade set up and ready to go. Apparently I have learned something from you! Thanks for all the advice and guidance over the last couple of years or so.

  • PipWolf

    Cyclo, I have a virtual clone of this trade set up and ready to go. Apparently I have learned something from you! Thanks for all the advice and guidance over the last couple of years or so.

  • shjalilian68

    Hello, I think we miss entry, What do you think? Cancelling order or not?

  • MonsterTrader

    i agree with this trade 100% I actually had a similar set-up but with a higher limit at 148.70.

    just wondering why you didn’t start your fib at the beginning of the breakout, rather than a bit higher up as you did.

    also now that we missed this entry by a few pips, when would you try to get in again? 4 hr stochs are going into oversold so wait for a further retracement? 147.65?

    Thanks!

  • shjalilian68

    Hello, I think we miss entry, What do you think? Cancelling order or not?

  • MonsterTrader

    i agree with this trade 100% I actually had a similar set-up but with a higher limit at 148.70.

    just wondering why you didn’t start your fib at the beginning of the breakout, rather than a bit higher up as you did.

    also now that we missed this entry by a few pips, when would you try to get in again? 4 hr stochs are going into oversold so wait for a further retracement? 147.65?

    Thanks!

  • nbernal

    Dear Cross-Eyeing: Thank you for your posts. I wait via my e-mail for your updates!!!! I also wonder why you didn’t get into the move when it broke the triangle, and are you still going to enter if it hits your sell number? Thank you so very much for posting. nbernal.

  • nbernal

    Dear Cross-Eyeing: Thank you for your posts. I wait via my e-mail for your updates!!!! I also wonder why you didn’t get into the move when it broke the triangle, and are you still going to enter if it hits your sell number? Thank you so very much for posting. nbernal.

  • nbernal

    Dear Cyclopip – You are always right with the overall move. It’s probably never going to hit your ‘exact’ number, but DAMN you are always brilliant with the move. Not hitting 148.50, but came so close, 148.00 then fell to exactly where you said, 140.00. I’m learing to catch your over all thinking of the pair you’re talking about. What if on the hour chart you kept in mind your plan, and played the Stoch down? You called the bottom, you called the move.

  • nbernal

    Dear Cyclopip – You are always right with the overall move. It’s probably never going to hit your ‘exact’ number, but DAMN you are always brilliant with the move. Not hitting 148.50, but came so close, 148.00 then fell to exactly where you said, 140.00. I’m learing to catch your over all thinking of the pair you’re talking about. What if on the hour chart you kept in mind your plan, and played the Stoch down? You called the bottom, you called the move.