GBPJPY analysis - new low on the way??

chart h1 - 8.30 am Malaysia

The beast moved so swift; my sell position is already +85 within minutes. Now watching closely whether last week low could be penetrated or not.
8.50 am - already +105; SL rest at +10
TP: infinity =))
8.56 am - looks 128.82 is going to be broken...
138.2% fibo is at 128.41
161.8% fibo is at 127.16
let's see how low the beast will go....
9.25 am - took profit at +100
market is in cautious mode right now
will wait for next step-up
11.30 am - second attempt to break support
re-sell at 128.95 TP: 127.16 (fibo 161.8%)
my 50 pips stop-loss will save me if I'm wrong :-SS

12.26 pm - what a breakout :-o
+50 pip already
SL rest at +5 [-o<
2.00 pm - was away from chart
the beast dived 148 pips but retraced afterwards
stopped out at +50 [-o<
3.11 pm - price bounced off 129.00;
which means 129.00 has becomes a resistance
entered a quick scalp for +30 B-)
4.35 pm - hit my TP 127.20 [-o<
banked-in another 95 pips \:d/
done for the day....
no need to over trade :">


  • Pip guru from Malaysia. First of all hats off to you for consistent wins. I have been following your blog and I am really impressed.
    I would really like to know your approach to fx trading.
    Do you use oscillating indicators?
    Seems like you mainly use trend lines, s/r and fibs. Am I correct?
    What is your trading time zone?

  • yes you are correct... mainly I use trendline, s/r and fibs. besides, i also use chart patterns. also i always follow major trend and seldom takes counter trend trades.

    basically, i don't use any oscillators.

    I prefer tokyo and london trading hours, eventhough i do trade during NY trading hours sometime.

    hope that helps...


  • GTJ Trader,
    Thnx alot for your reply. It sure helps a great deal. I have been trying to simplify my trading and narrow down on one or two pairs only.
    One big problem I have realized I have is lack of discipline to stay put and watch the charts as the price approaches my entry point. Most of the time I will be reading web fx stuff and by the time I go back to my charts the price has already moved too much to skew risk / reward -vely.
    Is staying out and watching the charts something you would advice?

  • well...

    first, always have a trading plan... look at the overall trend... find out the most immediate r/s levels by drawing s/r lines and also trendline.

    secondly and more important, always have stop-loss. and the value of your stop-loss should not exceed 4% of your equity.

    these two steps should help you to resolve the emotion part of your trading.


  • Dear GJ.trader
    I agree with Muk U are my excellent teacher. Your immediate update is very useful for me , but sometimes I miss it because I forget to back.


  • GJ Trader,
    Thanks for sharing your fx techniques... it´s very useful and educative!
    Greetings from Bolivia...

  • welcome Boliviano

    keep on visiting
    thank you

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