GBP.JPY Break or Bounce?

Im actually enjoying looking at the GBP.JPY currency pair lately as there is a real battle going on between the Bulls and the Bears. Who will take control, will we get a false breakout? Only time will tell.

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Taking Advantage Of A Weak US Dollar

All our ducks lined up for a sell on USD.CAD. I sold this pair yesterday (pending order) with a 50 pip stop loss and a 100 pip target, my 100 pip target has just been met. The USD.CAD pair has been one of the better pairs to trade this week. I have been on the sideline this week with most of the other currency pairs as good trade set ups have been few and far between. The 3 Duck's Trading System has helped keep me out of harms way in the choppy currency pairs, so that means I'm not giving the market back my profits :-)

Captain Cautious says

¥en Pairs Are Following the 240min Trend

Mixed signals on most currency pairs with prices not confirming the 240min trend. Eur.Gbp is back below the 60min sma again which does confirm the trend on the 240min chart, so I may be looking for selling opportunities in this pair next week. Price on the Yen pairs are following the 240min trend so all your ducks are lined up for buying opportunities when they present them self.

Eur.Gbp will it go lower?

All our ducks are lined up for a sell on Eur.Gbp so I'm short at 0.8498, my stop-loss is at 0.8598 and my target is open for now. The Eur.Gbp pair has been going sideways for the last few weeks so it was not a pair that us trend followers where looking to trade. However over the last few days it has been breaking the daily lows and staying lower. The 240min chart looks good also with lower lows and lower highs in place.

6.8.09 Update; I couldn't hold on to this position any longer, current price has crossed above the 60min sma after been up +44 pips from earlier on. So Im out for a -55 pip loss :-) Suppose its safter to be out with a -55 pip loss than risking the full stop-loss of 100 pips.