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Posted on December 3rd, 2009 by James Alliss.
Categories: Forex.
As posted yesterday I felt that risk appetite was coming to end, at least short term anyway and I shorted GBP/USD and GBP/JPY. I took +120 pips from GBP/USD but GBP/JPY gained strength because of the Yen weakness.
The projections I made on Nov 30th were as follows:
GBP/USD - Long up to 1.6650 as my first target.
GBP/JPY - Long up to 147.00 area.
USD/JPY - Long up to 88.50 area.
EUR/USD - Long up to 1.5150 area.
AUD/USD - Long up to 0.9300 and quite possibly make new highs.
Today price hit the following levels on each pair:
GBP/USD – 1.6719
GBP/JPY – 146.83
USD/JPY – 88.46
EUR/USD – 1.5141
AUD/USD – 0.9319
I don’t know anyone that can make projections as accurate as that. I really hope you can appreciate that I do have a good understanding of price action. To be honest, I made some silly mistakes this week and saw lots of trades that I didn’t take.
Yesterday I also said “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.” What happened today? USD/JPY moved upwards for the entire day but I couldn’t see a safe entry.
Not to worry, I’ve made money which is the main thing and that’s me finished for the week. Tomorrow is NFP Friday so I’m staying out of the market.
You can AUTO TRADE my signals for FREE by following this link.
James.
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