AUD / JPY: Wednesday 29th January 2014. 11:24hrs

AUD / JPY:

AJ had been in a consolidation for most of 2014, with support at 91.00.

At the end of last week price broke through the support level at 91.00.

For the most part of this week price has retraced the move back to 91.00.

Chart below:

 

The retracement also coincides with the 61.8% Fibonacci level of the downward move.

 

This is a good place to look for shorts.

 

Once my averages have crossed over I will be looking to enter short after a pull back.

 

Chart below:

 

 

The targets for this position are as follows.

 

T1: 86.00

 

T2: 81.50

 

T3: 75.00

 

Once the averages have crossed and the pull back is taking place, I will post again with my entry and stop loss levels.

 

Have a great day.

 

 

 

GBP / USD: Tuesday 14th January 2014. 09:45hrs

GBP / USD:

Price has retraced as expected and picked up both orders at 1.6430 and 1.6410.

Following the inflation report price has made a move down allowing the stops to be moved to break even.

Chart below:

 

I have limit orders as previously discussed to scale out profits.

GBP / USD: Monday 13th January 2014. 16:06hrs

GBP / USD:

Sterling has come under pressure overnight and through the European trading sessions.

Cable has made a nice push lower and I am looking to enter short on a pull back to the averages and Fibonacci levels as shown below.

Chart and Levels below.

1st Entry: 1.6410
2nd Entry 1.6430

Averaged Entry: 1.6420

Stop Loss: 1.6470

1st Target: 1.6240
2nd Target: 1.6070
3rd Target: 1.5800

 

I will be risking 1% of my account as always.