Weekly Analysis on Great Britain Pound / Japanese Yen: Week 5

DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".

So let's get back to it. I noticed that when I blog, write down my ideas and keep them simple, I am able to find small trading opportunities through out the week. This week I really want to trade and profit off of this pair. Let's go!

Daily:

On the daily we see a very nice uptrend. I have a previous resistance area at 156.707 which is an area that was broken a few years ago before the GBP plumeted again.

4hr:

On the 4hr we can look closely at the higher high that it made last week. Which was an area at the 156.000 area. But it collapsed, which is where I might look for a short opportunity. What do I think will happen? Maybe the price will drop to the ascending trendline.

1hr:

Alright, so here we see some support and resistance areas breaking and that we can hope will be respected. 154.947 seems to be a resistance-turned-support area that was respected in the first hours of the week. But we have another resistance-turned-support area at the 152.811 price, it's support now because it was rejected. Now we have to see if the rejection is a swing or just a quick reversal before it keeps coming down. Could be a good opportunity for a sell.

Trade closed: target reached:

Ok so yesterday I took a medium sized short position that quickly hit my Take-Profit and reversed. Will it be a good area for another entry? We will have to see...