Posted by: joetradingplace | April 24, 2012

Long Gbpjpy, fiber, euraud

Currently long gbpjpy, but with the recent drop after the UK GDP, we will consider closing and start to look for short positions. Fiber is still looking good for long position, it has broken the previous high…if it fails to follow through, we might consider closing our long position.

Reason for long position: Price broke out of the upper trend line (TL), it formed a minor support (red line), so we placed a buy order just above the high with a stop loss below the minor support. Now that price is approaching the green lower TL, the big push down after the UK GDP news needs to hold price below the minor resistance…if it does, we will consider closing our long position and going short.

Long Eurusd

Reason for long position on eurusd: Price broke out of the green lower TL, but it failed to follow through, so i took a long position when price went back into the TL with a SL just below the minor support. Failed breakouts (BO) is one of our robust trading methodology. We are still holding on to our longs, no need to reliquish the position, because buyers keep forming minor supports as price moves up, showing that they are still in control.

Long Euraud

Euraud had a good run when it broke out of the wedge, we took a long position from 1.2680, we have already taken partial profits and moved our stop loss to break even, but a break of the current minor support at 1.2780, will force us to close our long position.

New position, long aussie, first target reache, SL to breakeven

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