Last week on our Pro-Trader Programme we had a plan to short the GBPJPY and now we are in profit 100 pips. Lets look at some other trades we discussed on our webinars.
One of the markets we have been looking at on our weekly Pro-Trader Programme Webinars has been the Pound versus the Japanese Yen (GBPJPY). What we saw here was a lower high being made on price which could not get through 1.4700 and then we had a Pro-Trading System short entry at 144.98. Students are now in profit around 100 pips in 3 trading days. We do have a target on the GBPJPY at 143.61, as you can see by the arrow on this chart, so a good start for anyone joining the Pro-Trader Programme this week.
Looking at the USDJPY, you can see that we’ve had a significant sell-off in this market, which was signaled when the Pro-Trading System turned from green to red around the 112.50 zone. And now we’re trading, as I’m doing this newsletter, at 110.38. We have hit one target and now we’re looking at another target down at 109.06. This will then create a huge double support zone where we could get a significant bounce, this is a target that we are shooting for. I think from there we’ll get a decent bounce but I’m looking for the market to resume even lower on weeks to come.
The charts still has the Pro-Trading System green, but we’ve got a little bit of sideways price action on these last three candlesticks. We’re losing a little bit of momentum on the story teller indicator below so if you haven’t locked in your profits, it’s certainly time to. Especially after the engulfing candlestick we had last week, it’s time to trail those stops even tighter. However, we’re getting no sell signals here on the Pro-Trading System, it’s still green from it’s original entry around the 1.1300 price, which still has green candlesticks, which means stay long the market.
And finally, Gold here … we don’t have a new buy signal on the Pro-Trading System, but we are making a higher low on the daily time frame and we have a huge triangle pattern on the monthly time frame which tells us that we are expecting a big move. So looking for a buy signal on the system on gold, but as yet, we don’t have one.
This week on the Pro-Trader Programme we’ve also discussed the AUDNZD chart. This has an inverted head and shoulders pattern on the monthly chart still, but we had a new buy signal just above this 107 mark, which is currently bringing in as I’m doing this newsletter around 70 pips profit on this trade. Target on this market is 108.57.
Don’t forget, we have our intensive 1 day courses Learn To Trade Live coming up In Leeds and London on 9th September 2017.