Weekly Trades: GBP/JPY, EUR/JPY and NZD/JPY
|Last week's GBPUSD trade to short 1.3177 traded to 1.3212 and a 35 bonus point miss to entry. The target at 1.2960 traded to 1.3012 for + 200 pips from 1.3212 and + 165 pips from 1.3177. The 35 bonus point entry miss meant the 1.2960 target had to adjust by 35 pips.
What accounts for a GBP missed entry is not necessarily derived from GBP/USD but was the result of wide range GBP pairs as GBP/NZD, GBP/CAD, GBP/AUD.
A currency price must by mathematical law meet its trade target obligation. If any of GBP's wide range pairs had to travel higher to meet its target destination then GBP/USD is forced higher. Understand then bonus points are market gifts and free money.
Understand GBP = GBP. All GBP pairs are members of the same family and not one GBP pair is anti to the GBP universe such as EUR/GBP to EUR or AUD/NZD and sometimes AUD/CAD to AUD and CAD/CHF to USD/CAD. Because all GBP pairs are wide rangers compared to all its G28 counterparts, GBP is clearly the currency to lead currency markets.
While traders informed bullish GBP, the long trade was not only impossible and a gamble but GBP/USD began the week at 1.3079 in deep overbought. We traded as usual the easiest, no effort and most profitable trade for 200 pips Vs the gamble long calls for 133 pips.
EUR/USD trade short 1.1168 and 1.1188 to target 1.1131. EUR/USD traded to 1.1204. Target was complete at 1.1131 for +73 pips from 1.1204 and +57 pips from 1.1188.
EUR/USD second trade, short 1.1128 to target 1.1048 traded to 1.1085 for +43 pips. Total pips from trade instruction: + 100 Pips.
EUR/GBP Long 0.8472 and 0.8455 to target 0.8591. Wednesday, EUR/GBP traded perfectly to 0.8455 and climbed to the week's highs at 0.8534. The trade failed to meet target but profit result was +79 pips.
Total for 4 trades, 3 currencies and profit earned + 379 pips.
Best trades this week are JPY cross pairs.
NZD/JPY
Short 72.87 and 73.12 if seen to target 71.40. Must cross 72.36, 72.10, 71.84 and 71.58.
Short below 71.33 to target 70.55. Must cross 71.07 and 70.81.
EUR/JPY
Short 121.87 and 122.12 to target 121.04. Must cross 121.36 and 121.10,
Short below 120.86 to target 120.07. Must cross 120.60 and 120.33.
GBP/JPY
Short 143.08 and 143.40 to target 140.84. Must cross 143.08, 142.75, 142.42, 142.09, 141.76, 141.43, 141.10 and 140.77.
Short below 140.52 to target 139.23. Must cross 140.19, 139.86 and 139.53.
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