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Old 06-30-2008, 01:54 PM
leoz_dnb leoz_dnb is offline
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hey there guys
today is monday 06.30.08 17:41 GMT(-3:00)

My broker is at GMT +2 so it's 20 minutes away from forming a new daily bar

it is forming a pin bar on a support level on the gbp/jpy.

http://www.forexforum.net/attachment...1&d=1214859078

I'm a newbie but here goes my analysis:

pin bar is forming at support, so we're going to draw a fibonacci retracement measuring the size of the pin bar that is just being formed

entry signal: price is going to test support again, and I'm going to place a pending order for buy limit at 50% of the fibonacci retracement we draw.
so price is going to test support again and trigger order and then head up

stop loss: will be placed 5 pips + spread under the lowest of the pin bar

take profit: I'm going to shoot for 200 pips, the gbp/jpy is a fast moving pair so I'm going to shoot for 200 pips, which is just under resistance

http://www.forexforum.net/attachment...1&d=1214859171



entry for buy limit: 210.90
stop loss: 209.35
take profit: 212.90

good luck to us
Attached Images
File Type: jpg gpb jpy daily 06.30.08.jpg (24.7 KB, 3 views)
File Type: jpg gpb jpy daily 06.30.08 fibonacci.jpg (27.1 KB, 3 views)

Last edited by leoz_dnb : 06-30-2008 at 02:11 PM.
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