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SmithInvestors is an entity created for those interested in Foreign Exchange (Forex) market analysis. Austin Smith, author of this blog, has designed this site to inform, share, and develop his ideas he feels should be communicated with other traders and investors. This site is an "open book" and he has committed to updating the page frequently with articles and videos.
Wednesday, July 18, 2012
Pulled long Trigger on $gbpjpy
I entered my long position at 123.36 on the one hour stochastics cross as well as the supporting price action of candles beginning to show wicks testing areas below the hourly 200 MA. On the 4 hour I am right above the 4hr 50 MA. If you also take a look at the 4hr chart, you can see a possible inverse head and shoulders pattern with the neckline at the 123.80 area (4hr 100 MA). I am hoping that my entry is positioned for the pre-meditated rally to test/break that neckline.Nonetheless, I am aiming for 124.25 for a 3:1 RR. On the daily chart we can have a stochastic cross along which signals some buying potential. Along with that buying potential, the market produced a hammer candle with its wick testing below the 123.00 area of support.