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
