Thursday, January 29, 2009

gbp/jpy again

I've been following gbp/jpy a lot recently because there are some great setups. On a longer term timeframe this pair is in a strong downtrend. Recently it made a base and rallied up to its descending trendline. This also coincided with the 129 level which had been an area of previous support. Stochastics are heading down and MACD is rolling over.

Here are the trades so far. Yesterday I sold some and covered a little. After it broke through the downtrend line I covered more and my stop on the rest was just below my entry. I reshorted again a few hours ago.
After spending a long time looking for a good international clock for my computer I found this nice little utility from Microsoft that times in the toolbar. Pretty hand for currency traders.
http://www.microsoft.com/downloads/details.aspx?familyid=07fb0bd8-f390-458d-a629-6f0258ac7cdf&displaylang=en

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