May 22, 2008 18:21

Free Forex Signal – USD/JPY Flagpole Trade

Posted In: Free Forex Signals
By:

5-21-08

18:21 GMT – Entered flagpole breakout entry above consolidation at 104.00. Consolidation made nice pattern, flagpole was 90 pips and trade is in direction of flagpole. Also pair was making nice horizontal stabs at 104.00 resistance, a large round #. Negatives include the possibly strong trend support below 104.5 (and very close to my limit) and the resistance at 104.50

Buy – 104.195
S – 103.945 (25 pips)
L1 – 104.445 (25 pips, move second stop stop to BE)
L2 – 104.795 (60 pips)

(Having issue with my screen capture, will get a chart up here ASAP)

Alright here’s my screen capture (by the time I got the screen captured we are 14 pips in the profit per lot, hope you weren’t waiting on this!)

UPDATE – Mixed hourly signals. A bearish candle followed our breakout and pair may have bounced off of 61.8% daily retracement of latest drop or the trend line resistance. Positives are that the former resistance at 104.2 should now be strong support. No shame in closing this trade after that bearish candlestick though. I am tightening my stop to 5 pips below the support at 104.147.

UPDATE – Well, as I suggested above I did close that trade out at a small loss of 10 pips, so that will go up into the May Forex performance (top left). According to my ticker the original stop was never hit so this one would be still be open. The technicals on this one are mixed without a clear direction as you will see in my technical analysis I will post soon.

RESULT: -10 pips

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