My GBP/JPY Trade (09-11-2007)

*Attached charts. Click on it for the enlarged version.

Hello people :) How is everyone doing? These past few weeks has been very tiring for me because I think I have made too many trades which means, too many pips profit in my pocket! Hahahaha!!!

Anyway, a trade I am going to share is one of my GBP/JPY trade. I am attaching 2 charts. One is my GBP/JPY (Weekly) chart and the other is GBP/JPY (Hourly) chart.

Analysation on my GBP/JPY (Weekly) chart is simple. I already have the channel drawn and again I use my "Similar Wave" technique to analyse. As you can see, first wave "A" followed by wave "B", then I use the same parameters from wave "A" to forsee wave "C". So I am expecting to seel rather than buying.

On my GBP/JPY (Hourly) chart, I have two critical resistance level. First one is at the price line of 237.70 and the other is at 238.27. By the end of 4:00pm (Singapore Time), market was not able to break my resistance level at 237.70.

I initiated a short position at 5:08pm (Singapore Time) the price line of 237.10 with stop loss at 237.70 and target profit at the price line of 235.50, near to my support at 235.20 (close to Wednesday's low). My target profit was executed at 6:22pm (Singapore Time). That is 160pips profit for this trade :) Hehehe. But GBP/JPY dropped all the way to 232.80. CRAZY!!! Well, money made, no complains :)

Peace and trade safely everyone...