Open trading account 
GBPJPY Trade 14th Jan 2014
The GBPJPY has been going up it is quite easy to see that on a day chart as well as a H4 chart. For this reason, it is important to look for opportunities to buy a market that is moving up as the trend is really the only edge you have as a trader.
I saw the formation of a simple zig zag pattern, also called an abc pattern on the H4 chart that suggested a precise area to buy into the trend, please see the link below:
http://screencast.com/t/0VKa9keCT
I waited for the parallel legs to be equal in size and entered a buy trade at 169.20, which was above the market, so if I had been wrong, and price had not reversed I would not have been entered into a trade, It is very important now where the GBPJPY rises to, a failure to establish a new high above 174.80 would suggest that this market will make a further decline, because this pattern is very good at finding corrections in a trending market. If the GBPJPY only pulls up to 171.20-171.80 the chances are this is a correction and prices will fall further
The GBPJPY has been going up it is quite easy to see that on a day chart as well as a H4 chart. For this reason, it is important to look for opportunities to buy a market that is moving up as the trend is really the only edge you have as a trader.
I saw the formation of a simple zig zag pattern, also called an abc pattern on the H4 chart that suggested a precise area to buy into the trend, please see the link below:
http://screencast.com/t/0VKa9keCT
I waited for the parallel legs to be equal in size and entered a buy trade at 169.20, which was above the market, so if I had been wrong, and price had not reversed I would not have been entered into a trade, It is very important now where the GBPJPY rises to, a failure to establish a new high above 174.80 would suggest that this market will make a further decline, because this pattern is very good at finding corrections in a trending market. If the GBPJPY only pulls up to 171.20-171.80 the chances are this is a correction and prices will fall further
