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Posted on December 1st, 2009 by James Alliss.
Categories: Forex.
WOW! The market did certainly change direction as I thought it would and it did it fast.
As projected in my previous post my first GBP/USD target was 1.6650. Price almost hit my target dead on - the days high was 1.6644. That was a 255 pip move today alone. I took +90 pips on this move and have shorted the pair now looking for a retracement back down before going long again.
All the pairs I mentioned in my previous post have rallied today. The days pip movement for each of the pairs is as follows.
GBP/USD - +255 pips (Average is 140 pips)
GBP/JPY - +258 pips
USD/JPY - +125 pips
EUR/USD - +146 pips
AUD/USD - +165 pips
I don’t mind saying this myself, although it’s a little arogant that was a good call!
I still see all these pairs higher but in the short term I’m looking for retracements and then I’ll try and find safe entries to go long again. I particularly like the look of USD/JPY long because the yen reached a new high and looks ready to turn over with the help of the Bank of Japan intervention.
All my trades are logged here. You can also get real time alerts on Twitter.
James.
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