The808Trader

GBP/JPY - Profit fatter than Rossie O'Donnell? Time will tell

Long
FX:GBPJPY   Livre sterling / Yen japonais
As the Pound rampage has continued we've been on a nice bullish run with this pair. We've dropped down to test kijun sen once, otherwise this pair has been strong to the upside. I am looking for another bullish entry on a drawback to tenken sen, with a stop loss set just below kijun sen. I am targeting our previous high as my first TP, where I will close partial position. From there I will let the rest run, adjusting my stop loss periodically. If tenken and kijun fail to hold support, or our bullish signs change, this setup may become invalidated.

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