As you know I am learneing to improve my forex training at the www.fx500club.com and the www.fxmonkeyschool.com. Well our lesson today in long term trading covered alternative entry methods for long term trades.
This gbp/jpy trade off the 4hr chart was shown to us by Zak, the fxpimp. It was a short taken from the bounce off the double top and wr1, OMG what a trade, and it turns out quite a few of the more experienced traders in our school had quietly nailed this trade and were between 300 and 900 pips in profit.
Way to go and deffinately a setup i will be watching for in the future. Entry 140.71, 100 pip stop loss safe behind weekly resistance 1, 1st target 135.65, 500 pips away, nice risk reward, 5 to 1 ratio.
All the red crosses on the way down show possible short entries using resistance off of the pink daily pivot line.
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