Ok so for my first “trade plan” here on forex.today I actually have a somewhat retrospective lesson that I learned back in 2008 (really!?).

I have no idea how I found out about Forex back in 2008, but I did and like many of you guys I used to watch Forex videos on Youtube. Today I was reminded of one of those videos when price exploded from the 61.8% fib level of the swing high/low formed on the 24th up to the 138.2% extension of that move in less time that it took me to go for a swim with the kids.

I actually shorted the 61.8% retracement of the double top that bounced from the D21 for 50 pips on the button when it reversed back down to retest the 132.480 area, and said to myself before leaving the house that this is going to 133.800 (138.2%).

Slightly bitter sweet to see that target hit without me for 130+ pips, but it re-iterated that lesson from 2008 and I thought I’d share it with you guys 🙂

Cheers, Paul.

15m Price chart of GBPJPY between the 24th-26th August 2016.

One thought on “GBPJPY – Just as I was taught”

  1. Miles says:

    Thanks for sharing Paul. You reminded me sometime I’d like to use the car of “Back to the Future” to know the outcome of the trades in advance 😉
    Ok I hope you’ll not bend the space-time continuum and look forward to see your next trade plans!

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.