GBPJPY analysis - short term bullish???

chart h4 - 10 am Malaysia

A bullish candle on the daily indicates a possible rally to 127.00 - 128.00 region. Even though the price might go down to 122.40 (fib 50% level), a tight stop-loss must be placed above yesterday's high (125.00).

As the price is now moves within 124.00 - 125.00, it is better to stay out until the beast breaks out from this tight range....
11.30 am - price breaks upward
not comfortable with the situation
decided to stay out and wait for bull exhaustion...
5.30 pm - bulls still look strong...
still out of position...
6.00 pm - went short at 126.88
reasons: 1. the price breached the previous candle's low
2. the significance of round number (127.00)
3. the price closed below 138.2 fib level
initial stop-loss : 127.93 (30 pips above swing high)
now +30, SL rest at +1
TP: not decided yet

6.40 pm - +100, SL rest at +30
let's pray the beast keep on dropping [-o<
8.00 pm - tough day for trading
choppy price action
SL hit and then dived 160 pips
well.... as long we are in profit, just accept it.. :d
10.00 pm - a bearish candle has formed on the h4 chart
price was rejected by the weekly 50% fib level...
will the bears come out from the woods now? :-?

11.00 pm - bad US consumer confidence result pulled the baby down...
now +85 [-o<
11.25 pm - closed at +50
price action still choppy
done for the day.. :d


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