forex scalping 24 8 2015

forex scalping pound yen

The yen jumped on the market on Monday boosted by risk aversion and had the best day in years. GBP/JPY dropped dramatically and is about to end the session hovering around 187.50, down more than 2%.

GBP/JPY far from lows

Despite having one of the worst days in months, the pair is about to end far from the lows. At certain point, GBP/JPY dropped dramatically and bottomed at 183.06, 3-month lows and 820 pips below Friday’s closing price. Afterwards rebounded rising 400 pips from the lows.

The recovery from 183 found resistance around the 188.00 area. The pair could continue to recover if equities rebound during Tuesday’s Asian session. But the global selloff in stock markets on Monday pushed the pair below key support levels, weakening the outlook for the pound.

GBP/JPY technical levels

To the downside, support levels now could be located at 186.90, 186.10 and 184.95 (July 8 low). On the opposite direction, resistance might be seen at 188.10, 189.30 and 190.90.

Forget the tech levels unless they are long term and strong. Let the price be the guide

We often preach about watching the price action and in markets like this it is the best guide

If you want to trade then let the price speak and let it build the picture for you. Anything else is guess work.

We took a long scalp initially in Frankfurt open were we took the first ten pips and stopped out in the third part.

In the American session we took a long scalp achieved the first tewn plus pips for the first two parts and then 70 plus pips for the third part

The battlefield today for the three pairs we follow and the signals they gave in London  and New York opening in main charts.

Unlucky for me  I wasn’t in the desk during the great moves.

gbpusd,eurjpy and gbpjpy

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forex scalping gbpjpy gbpjpy second chart