4H Breakout Oct 2-7

An article by Gus    No Comments

Hello everyone hope you are all enjoying your weekend, just wanted to post a quick review of the 4H breakout on the GBP/JPY and USD/JPY for the first week of October. It has been a crazy week for many currencies with all the news from the U.S. and mainly Europe, since the downgrade of Italy and Spain have just made markets go crazy.

First of all lets take a look at the GBP/JPY on the 4H time frame with the 4H breakout indicator setup:

It was a pretty straight forward spike this week which netted 77 pips and kept going all the way until the second take profit for 150 pips. Not a bad week for it, as I say just keep it simple and you will get the pips coming in.

On the USD/JPY we can see how while the profit wasnt as large as the GBP/JPY we still netted 26 pips, but as long as I am making profits I am happy.

Overall not a bad week, even though a lot of bad news kept coming out of Europe, profits are always there just have to look for them.

I will update you all on my EUR/USD trades soon, which where pretty nice, since Greece is still in danger of default and prices are predictable.