GBPJPY Short, Wednesday, May 26, 2010
I’ve put my toe in the water on the G/J based on a nested box breakout. Here’s the chart:
Click to enlarge
PT: 128.10
SL: 130.10
If you like the breakout, watch your R:R its tight.
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This is about 9.30 PM EST US and GJ has stuck firmly at the bottom of the support (box) so I took a postage stamp long for 50 PIP @ 130…..
NU is bouncing off that support at .66275…. Selling sentiment is drifting to the stronger side and the rejection at the top of the box, .67 is fairly solid. All in all, looks like a typical Asian session which I rarely understand, and often provides a set up for the London Open. I defer to Yaqui and Aby at this early hour……. and of course to all other brave traders.