I told you I was watching the Yen pairs and today's action showed why. I'd been tracking the pairs (primarily my favorite the GBP/JPY) for a few days and watching them form a nice trend line trending upward. The overall trend is down at the moment and I thought a correction would come at some point and today it came. The GBP/JPY closed below my trend line at the end of the 0400 EST one hour bar, but I was asleep. When I looked at the pair, at around 0600 EST, I saw that it had broken the line, gone up a bit, then had come back down to about the original entry point so I got in at 134.93. The pair went sideways for a bit then fell like a stone. I started to move to break even at +50 pips but by the time I got it set the price had fallen 20 additional pips. I put a trailer on and let it go. I got stopped out during the 1100 EST one hour bar at 132.12 for a gain of +271 pips. Now that was a trade worth waiting for.
Happy Trading!
Happy Trading!
