Forex Trading Signal Alert #2 For GBPJPY
May 13, 2010 by Kelvin
Filed under Forex Signals
This is another trading alert from the GBPJPY. I have observed the formation of a hugh symmetrical triangle and it can be a big profit trade if you are able to take it.
At the time of writing this alert, the MACD has neutralized after a sudden price dip last week and this is usually a sign of forex breakout trade.
From the hourly and 4 hourly chart, it seems to me that it is most likely going to be a down movement as the MACD histogram has shorten signaling a decrease in buying power. However please do not rush into a trade and wait for the price to breakout first.
Hourly Breakout Trade
4 Hourly Breakout Trade
In fact, there is a possibility that the price may move up to fulfill the Gartley pattern before it started to dip. Any way, please be patient and wait for the opportunity to unfold once it manages to break out.
From the price projection that I have done, if the price breaks below, it can move to 131.000 and if it breaks up, it will move up to 142.500.
Hope that you can keep a lookout for this breakout trade as it is one with a high risk reward ratio. Do note that this is a long term trade and the target might not be fulfill by the end of the day, if you are not comfortable with taking long term trade, you can set a target profit and then exit your trade.
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Great Post call, you guys are good. I just signed up to your RSS feed so you will see me here again.
Thanks
Casey