Brian Twomey
Brian's Investment
Last week's NZD/JPY and GBP/JPY trades achieved written entries on Monday and Tuesday and both traded lower for 65 and 75 pips profit or 140 pip total. EUR/JPY exceeded 122.12 entry by 74 pips then closed Friday at exactly 122.11.
From GBP/JPY and NZD/JPY lows at 142.67 and 72.35, GBP/JPY and NZD/JPY decided to bounce from its overbought status to more overbought at 144.53 and 73.35. EUR/JPY achieved the richter scale at 122.80's. Non normality to a currency price is trade higher when overbought and lower on oversold. Normal and a vast majority to weekly price movements is entry to target.
The methodology on a missed entry by higher on overbought or lower on oversold is immediately add 1 lot to the trade. Next options are either trade to entry for break even or small profit or trade to target with an extra benefit of the additional lot and the market's gift to added points. Understanding price context is the overall benefit.
EUR/JPY on a break higher of 123.80 might invalidate the short trade and NZD/JPY at 73.55.
As targets failed to achieve its destination last week, the same trades will again run this week.
EUR/JPY
Short 122.41 and 122.61 to target 121.42. Must cross 122.21, 122.02 and 121.82.
Short below 121.24 to target 120.03. Must cross 121.04, 120.84, 120.64, 120.43 and 120.23.
Long 120.03 to target 121.04. Must cross 120.22, 120.43, 120.62 and 120.81.
NZD/JPY
Short 72.98 and 73.12 to target 71.69. Must cross 72.70, 72.41, 72.12 and 71.83.
Short below 71.59 to target 70.16. Must cross 71.30, 71.01, 70.72 and 70.43.
Long 70.16 to target 71.30. Must cross 70.44, 70.72 and 71.01
GBP/JPY
Short 143.56 and 143.89 to target 141.21. Must cross 143.56, 143.22, 142.88, 142.54, 142.20, 141.86 and 141.52.
Short below 140.89 to target 139.54.
Trading currencies and other financial instruments carries a degree of loss and possible loss of entire investments. Please managed your own risks, stop loss, and margins requirements.
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