Forex Trader's Journal

Forex War Manual

Last journal entry 6.15.2010 - GBP/JPY Reward to Risk Assessment for Long

Last GBP/JPY Technical Update 6.15.2010

entry: 135.37 targe:t 136.30 stop: 134.80

Not as good as an entry opportunity at 134.40, where earlier this morning the market missed. Instead the market had 1 downswing to 134.55 and rallied, I waited for a second decline to go long, so I missed the rally coming immediately after the 1-swing correction.

After a break above 135, I was waiting for a throwback and wanted to enter long. I definitely missed the first throwback, so I waited for another one. I know I should be in wave 3, because the market is accelerating.

Here is a 15-min and 1-min chart recounting the trade. The 1-min chart shows a 2-swing correction that finally gave me the type of setup and entry that is laid out int he Forex War Manual. The stop is 134.80, 135-10 (2ATR).

 

  Fan Yang Currency Analyst Commodity Trading Advisor fyang@fxtimes.com  

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analyses.