I just booked 30 pips on my trade today. Today is 2 April 2014 and GBPJPY up trend still continue. Based on my Fibonacci breakout strategy, this 30 pips reached without having to wait too long. Here is my trade setup on GBPJPY
This is the trend following strategy which uses three indicators: SuperSignal arrow, Support Resistant (dotted red and blue) and Bollinger Bands. You can read how to trade using these three indicators on my previous post. Its a simple breakout system.
I open my BUY position when price break the 100 level and my target is level 161.8 of Fibonacci. As you see the price touched my target profit.
