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GBPJPY - Falling Off a Cliff
By Eliseo Agas | August 15, 2007
So the bears finally won out and crushed this pair mercilessly yesterday and into this morning. The same action played out across most of the other JPY pairs. I noted in my previous post that waiting for the market to choose a direction before doing anything with this pair was the way to go. Now that it broke downward I’m patiently waiting for a bounce before potentially shorting into this action.
This and other JPY pairs are notorious for fast and furious moves so beware and be prepared. Look for a solid bounce on the Daily chart followed by signs of weak buying before timing your entry to short. This could easily be said for any of the other JPY crosses as well so this opens up the potential opportunities for us to lock onto.
Tags: carry trading, dollar, forex, forex news, forex trading, gbp-jpy
Topics: Better Use Charts - Use Charts Better |
August 15th, 2007 at 10:12 am
Even though this pair broke downward, what if there isn’t a bounce, what would be the best thing to do?
August 16th, 2007 at 7:42 am
[…] had a great question regarding my previous post. What happens if it doesn’t bounce and just keeps falling…now tradnig roughly 700 PIPs […]
August 16th, 2007 at 10:18 am
[…] had a great question regarding my previous post. What happens if it doesn’t bounce and just keeps falling…now trading roughly 700 PIPs lower […]
August 16th, 2007 at 11:11 am
[…] had a great question regarding my previous post. What happens if it doesn’t bounce and just keeps falling…now trading roughly 700 PIPs lower […]