Big move higher for Guppy after the break of the ascending triangle forex pattern, and with the weekend quickly approaching I decided to take profits.
Original Forex Trade Idea: Ascending Triangle Break on GBP/JPY
The swift move higher after the break was a product of positive UK manufacturing PMI data and weak Japanese data, including the dip lower today in Japanese leading indicator data. Since the pair was not too far away from a major psychological level (190.00) and the weekend was quickly approaching, I thought I’d take the fast move as a gift and lock in profits to avoid weekend risk. I closed manually at 189.31.
Total: +281 pips/ +0.86% gain
I’m not yet done being long GBP/JPY, but I think after today’s quick move higher, there’s a chance for a pullback on profit taking ahead of the weekend, so why not lock in the gains? I’ll do some reassessment of the markets and probably lay out some buy orders on Monday, but until then I’ll enjoy this small win that my account needed. Thanks for checking out my blog and have a great weekend!