I have been very busy the last month with other things than trading. That’s why I didn’t trade so much the last weeks, still the monthly return has been 7% and my current balance is updated to $166 now. The january has been a much better month, but at least I ended with a small profit.
One of the things I have been busy with was the creation of this blog and some further improvements of the Point and Figure indicator. At this point I would like to thank all those people who bought a copy of my Point and Figure indicator and for all the kind words, ideas and questions. This will help making the indicator even better and keeping this website up. Thank you for your support!
As some of you already know from my emails, I have been watching different pairs during the last weeks and one of those pairs was GBPJPY. What was so special about this pair is, that it broke the bearish resistance line in daily chart, 100 pips box size. This bearish resistance started at a price of 215.00 and went all the way down to 135.00 – that’s 8,000 pips. After the resistance line has been broken by 2 boxes, I waited for a buy signal to confirm the new bullish support trendline.
This signal came at 137.00 and I went long GBPJPY. I opened another Position at 139.00 and made a few more pips. But I did not have the time to follow the markets the whole time, so I closed the positions early by applying a trailing stop to each position. Those two positions have made the most profit of my 7% gains in february, though.
Price has fallen since then to a current level of 137.80, but the bullish support trendline is still intact. As long as this line won’t be broken by at least 2 boxes (200 pips) in daily chart, I won’t go short on GBPJPY.
EURUSD opened with a gap, 50 pips lower after the weekend and I opened a very small short position. But the support at this levels is quite high. Support levels are 1.2600, 1.2500 and 1.2400 as you can see in the daily chart. Those levels have already been tested a few times in the past. And I expect that they are still valid.
During the next weeks, I want to add some content to the Point and Figure Tutorial and start with the pattern recognition module for the indicator. And I hope I will have some more time for trading, too. Any news will be posted here on this blog.