Cable & Yen Continuation

Apart from the football at the weekends I find weekends very boring. Mainly due to the fact the markets are closed. Nothing really can take the place of an open market that is providing good volatility allowing the ability to make money by not having to do that much!

That is why I love the currency markets so much. It is open 24 hours a day, it is the biggest market in the world, it has huge volatility and requires much less work that stocks and shares.

With all that said, lets have a look at one of my favourite currencies. I mentioned on Wednesday last week about the GBPUSD possibly reversing. Well since that update this pair has gone up 300 pips. Unfortunately I locked in profits and subsequently got stopped out. I am back in this pair again and have once again moved my stop up to lock in profits this morning. The 60 minute chart below shows you my buy signal and indication to go long.

Chart courtesy of Metastock. Data provided by Reuters.

The buy signal appeared last night and produced a good profit by the time I woke up this morning. Watch this pair to see if we get increased strength.

I went long this morning on the USDJPY while talking with a friend of mine Patrick Newton (who I know some of you know) and picked up £200 in that 30 minute converstaion. It would have been more but I had forgotten to raise my limit and lock in profits. Anyway, the long position was just a quick day trade. I think the overall trend in this pair is still a downtrend although we have produced a candle reversal yesterday (which being a Sunday many not hold much strength) and we have hit a MOB and the time line. If this pair continues then we could see another 300 pip gain.

Chart courtey of Advanced Get. Data provided by eSignal.

Don't forget to sign up for our free eBook & Newsletter.

FXCPS Team