Trading Strategy | 29 March 2009 - 4 April 2009

Trading Strategy

GBPJPY

This Trading Journal is taken from my other's blog.

This week, prices loss its power again to close above 141.71. Altough at daily (D1) prices can close above that level but at weekly prices closed @ 140.01 and makes false-breakout at weekly chart.

Based on analysis above, trend can go down and touch support-line.



Trading plan :

1. Ranging, prices just moved between bold trendline (blue) and dotted trendline (blue). Buy when prices close above bold trendline and Sell when prices close below dotted trendline. Use candlestick pattern at H4 as confirmation.
2. Breakout, Buy when prices close above dotted trendline (blue) and Sell when prices close below bold trendline (blue). It's better waiting for completed chart at weekly for confirmation to avoid false-breakout at daily.

Trading Strategy