Trading Strategy | 10 May 2009 - 16 May 2009

Trading Strategy

GBPJPY

My trading journal this week is not different with my review last week.
But I have modified down-channel at daily chart to get better channel.
From charts below, I see that trend is still downtrend and then I am still waiting for confirmation @ H4 to set up short entry. If direction is changed, I have buy setup above purple line.

Trading Plan :

• Sell when prices close below blue-trend line @ H4.
• Buy, if direction is changed and prices go to north, buy when prices close above purple-line @ daily.
• Set stoploss as I can find support or resistance area @ H4 and set my target @ lime-line (167.29) for buying and set @ red-line (128.16) for selling.

Trading Strategy