GBPJPY analysis - descending triangle??

chart h1 - 10 am Malaysia

A possible descending triangle is forming on the hourly chart. As long as the price remains below the upper trendline, bears are very much in control...

Should the price breaks the bottom trendline, the triangle height indicates a 600 pips downwards move.

Let's see how the market play it out... :D

1.00 pm - spinning top at h1 chart??
went short at 121.63
my stop-loss at 122.35 will save me;
in case I'm wrong :-ss
1.54 pm - +97 :-o
SL rest at +50 [-o<
2.00 pm - stopped out at +50
will keep looking for other sell entries
the trend is still DOWN... B-)
6.30 pm - upper trendline is broken...
hibernating time for the bears...I-)
will stay out for the time being...
9.08 pm - re-sell at 124.05 as price struggled to break 124.00
now +40; SL rest at +10 [-o<

9.30 pm - +107; decided to set trailing SL by 80 pips
will take whatever market gives...
too tired already; need some rest...
see you tomorrow, guys :-h


  • GJ Trader, hope you had a great weekend.
    Great analysis re: the desceding triange.
    Let me pick your brain if you do not mind....
    Since you generally do not use oscillating indicators would you enter a short on rejection of the top trade line?
    What do you consider to be a complete candle? I have seen you use 15 min to 4 hr and of course daily. Reason I ask is that in most of your trades you seem to have almost near perfect timing as you quickly move your SL to +1 just a few minutes after your entry. Thnx.

  • Dear MuK,

    I can't say much... even I myself was astonished on my "near prefect" trades.

    I believe this is due my concentrating on only one pair.. so much so, that I am sort of having the "instinct" or "gut feeling" on the pair movements.

    Of course, making your trading simple and keep on practising help too.


    btw, may I know where you from?

  • Spreading to too many pairs has been a drawback for me. Most of the time I would end up flipping thru the charts and not getting anywhere. I have decided to stick with gbp/jpy untill it proves it cannot be played. Don't what will happen if BOE cuts rate to zero.
    Thnx for asking. I am in the us but i come from kenya.

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