GBPJPY analysis - just watching....

chart h1 - 10 am Malaysia

Price is moving slowly upwards, but without any strong momentum. Will watch closely whether the price could break the fib 50% level of yesterday's hi-lo or not.

Should the price rebound downwards from that level, I might consider adding a sell position with a tight stop loss.

However, if the price stays below fib 61.8% level, it is usually an indication that the bears are very much in control.

Let's see how the market will play it out. :D
12.15 pm - as expected, price bounced off fib 50% level...
let's see whether the beast will continue
southwards or not...

2.00 pm - the bulls are not done yet...
will stay out first....
3.38 pm - see how the beast loves the fib levels
went short a little bit late as I was away
from chart
stop loss at 137.97 (63 pips risk)
let's see whether London market would push the baby
down or not

3.58 pm - stopped out
lost 63 pips :))
4.40 pm - decided to close my previous sell at +210
stay out for the time being
5.30 pm - went short again at 137.87
as price failed to break fib 38.2%
already +30; SL rest at +1
let's see how low the baby will go...

7.45 pm - almost gave up on the beast
price was bouncing up and down
my last attempt to sell at 137.69 at last succeeded
now +81


  • Dear GJ.Trader

    Thanks again for your very kind update many times a day. I do follow but unfortunately still not so good result. May be I'm late.

    I like to ask you some question. How about Instaforex broker. My friend ask me whether this broker has reliable?



  • Well, I have been using them for my micro account for a few months. So far, I have no problem with them.

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