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  

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