Todays update is GBPJPY . If you entered on the first riskier position i posted initially then youre being rewarded currently 270 pips in profit. The second position isnt far away from entry. I would like price to break above this level first then get a little pullback to test before the entry and next push. if your already in move stop loss into profit and keep riding the wave. GLIYF
Looking back at our old friend GBPJPY today, and i am liking the possible setup coming. This is a nice textbook Buy for me, we got the break above the Averages, hit resistance level as expected, now we have price retracing to test the broken previous resistance which should now turn as a support level and with the added averages and trend we have a multiple confluence entry. The bear candles have no real intentions so when you see a rejection of this area get in on the buy for a nice 1:5 R:R trade to get above the resistance zone above. GLIYF
Ive been on holiday for a couple of weeks but nice to come back to see GJ hit full TP projection. If you entered on the first position back as the support circle then you have been rewarded with 500 pips, if you waited for the break above and got in on the restest for the stacked position then you have been rewarded with 350 pips. But whats next? Im still bullish on this pair for the moment although we need to make a new high, id like to see a pullback in price here and use the small support level below for another push north, similar to what we had just taken. Nice R:R on offer, new week starts today lets have a good one folks
New week starts folks, its the first time ive seen a stagnant market in august, which is supposed to be slow for the summer. No major moves going on from what i can see. On GBPJPY im going against the grain, as i like to trade opportunities. So i will be selling in this uptrend, i can get a small stop loss so can use small risk for a nice return. Price just peaked over the previous high so i think we will see a drop here from supply to create the higher low and pick up support form the moving averages for the next bigger push north. Just a punt from me today on this one. Have a good week everyone GLIYF
Morning everyone new Monday week starts and were looking back at GBPJPY for an update. The small intraday short i called is over 100 pips in profit now. I would either take profit here or move SL to entry and close half your position and let the rest run. Price came down to the little support level from the previous week and has stalled there so far. Weve seen support from the EMA's so not a bad decision to lock in the pips. Im still looking for buys so i would either like to see it come down to my lower entry price or break above the high and retest that area. Have a good week all GLIYF
Its FRIDAYYYYY end of the week folks hope you all had a good one. Finishing the week on GJ, that small intraday sell got us between 70-100 pips depending where you entered. i did say take profit and make risk free as was overall bullish . Price has come back and pushed to make a new higher high in the trend. Looks strong still GJ for the bull to me. Heres a couple of longs ill be interested in taking. IT could decide to use the recent level as support and quicky turn over on the retest. Or we could see a deeper retracement to the channel edge. Either way look for support forming and enter the longs. have a good weekend all GLIYF
So on friday the report on GJ was a strong bull. I gave out two buy opportunities. Im hoping some of you jumped on that opportunity, as today i can report it was a quick turn around once that new high was made. It tested that level on friday and continued on. If you entered lower on friday then your a couple of hundred pips up. If you waited until yesterday then your still 150 pips up. Make your trades risk free, looking to make the top of the channel touch for TP. Easy jump on the trend this one was. GLIYF
Well we’ve seen GBP fall the past few days due to some news release regarding brexit and someone leaving office. But if we look at the overall picture the structure still looks bullish to me. Dont forget the average price for GJ is still very low. I wanted price to come back down in a big retracement so we can buy lower. This is my ideal setup here. buying from support and on trend. If price manages to hold here for a couple of days then i will be taking this buy from here, aiming for the previous high for a nice return of 500 pips. Remember always wait to enter dont try to catch a falling knife. GLIYF
Reporting today a SL hit on GBPJPY . I was leaning on it holding around 136.13 zone and possibly making a U turn. But yesterday we saw most JPY pairs drop hard. Doesnt matter though we cant win them all and only 2% lost, another reason why we use risk management. But what next? Well its still possible for price to make a higher low and then turn around. But for now we are bearish until that happens. It just means we can buy at a lower price and gain more pips on the next trade. ive marked out a couple of zones of interest where price could find support. Wait with patience for the bull to return. GLIYF
Back onto our friend today to end the week. GBPJPY ahs been a bloodbath the last couple of weeks. The goal posts have been moved and to be honest now i think we have a much cleaner parallel channel . Price looks to of found support on the 50% fib. But im not entering just yet, i will be waiting for it to break above the .382 fib zone and buy on the retest. Very similar price action to what i have marked out previously. Aiming for below previous high, which is still a modest 300+ pips 1:3.4 R:R. i would rather wait for that trade than enter now after all the recent bearish action. Patience pays, have a good weekend all GLIYF