Good evening everyone. Hope you're all having a good weekend. Checking back in on GBPJPY before the markets open tomorrow. Price has continued in our direction and we currently find ourselves just over 200 pips in profit. Friday price slowed at the moving average support and finished the day as a doji . We need to break that to reach TP zone. I do think this is just a short term sell on GJ as a retrace in price. So make sure to lock in profits along the way. I will be looking for buys again from the demand zones below. Ideally the second one with multiple confluences. But for now keep holding and moving the SL into profit along the way. Enjoy the rest of your weekend. GLIYF
Good afternoon all. Re evaluating GBPJPY today and we can all see price pulled back after it found the dynamic support from the moving average. Great example of how we use that in our trading. I closed my position after the daily candle closed as a bullish doji after rejecting from the moving average for 200 pips. Ideally you should of all done the same but if you kept holding then you will be slightly in profit. If todays daily candle closes ass a bearish wicked out hammer then I think it might create a lower high and possibly move down towards TP zone. If it does close this way I will enter again from the daily close. Should be easy enough to take if so GLIYF
Good morning all, looking back at our friend GBPJPY today. I have been watching it for a good few days now and price has come back up to an area of interest in this weekly supply zone . The current trend is very much bullish still but I still believe we could see a pullback to one of the demand zones below before we move up further. I could be wrong but that is what a stop loss is for If you don't try your idea's you will never know how it turns out. Good R:R on offer with a fairly tight SL on this type of setup. GLIYF
Good evening all. Markets open later so having a quick look on how our GBPJPY sell trade is going on. I was watching this pair the day after we entered and price came VERY close to our SL, but we were safe by a coupe of pips. Price closed last week at our entry and what looks to possibly be a roof of supply that may see a down turn this coming week. I am holding for now still as its a weekly supply zone so we may still see a turn here short term for our TP projection zones. Hope you all have a good trading week ahead. GLIYF
Good afternoon all, Looking back on GBPJPY today. I took a sell form the supply zone but SL was hit. Seems GJ is in a very strong bull trend still. The impulsive movement upwards in this zone indicates that the big boys have a desire for this pair to move up a lot more. But when will that be, if we break above this channel and above the supply zone then I will be looking to buy that re test. Another scenario is that we have a short term fall and pick up demand again before the next push. But the move upwards does look certain so I wont be selling from here again. Patience for the right setup zone on this pair will pay off so waiting for that is key here. Hope you all had a good weekend, mark your zones out and wait for it to play out. GLIYF
Good evening all, markets open again. Looking back in on GBJPY today. Last time out I gave out two setups for entries. We have seen incredible strength in the bull run on this pair over the past few months. Price has fallen hard from the supply zone , Is it about to come to an end or is this just a Pull back to find some strong demand to continue further? I will be looking to buy in on the demand area's I have marked out if we find support there. We are below the EMA currently so could signify further down movement. Mark out the key area's and keep watching for now as I dont think this bull is over just yet. GLIYF
Good evening everyone, GBPJPY has had quite a bit of movement over the past few days. Since the last time i posted about the potential setups we saw a rejection from the first demand area. I didnt take that trade personally as im waiting for my favored area lower down. If you did take that setup then you will be in profits. But i would advise to move your stop loss into profits to secure some pips. It looks like it could possibly take another tumble further down, as it looks like a break and retest currently forming lower high created so we may see another drop. I could be wrong but nothing bad about securing the bag if you took that first one. Will keep an eye out and update again in a few days. GLIYF
Good evening all, markets are back open. Looking back on GBPJPY setups. We last saw a drop through the trend, but then we got a re-test and dropped back down to the demand zone . But price has made a lower high and a higher low which means there's no apparent immediate trend. Which comes to us trapping the market into a corner and letting the breakout guide us with the direction. I'm hoping of a drop to the demand zone below before buying in again. Mark up and watch for now it may come this week. Have a good trading week all. GLIYF
Good evening all today we have seen some big movement on safe haven currencies, especially JPY pairs. GJ dropped down as I was hoping it would. Price touched the demand area I want to buy from. So I thought I would bring the chart back pout to the weekly time frame to show why I want to buy form this demand area. As you can see we are in a nice clean bullish channel . Price touched long standing supply zone and dropped. But I believe we will break above in the near future hence why id like to buy form this demand area. I would like to see price settle and find support around this demand zone and then hold a buy up to 161. Long trade plan for this one. mark it up and be ready. GLIYF
Good morning all, last time I gave out on the weekly chart, the setup for GBPJPY it was a very quick movement, I missed the reversal right on the demand point but entered slightly higher on the way up. Currently 140 pips up on this setup. The bull still seems strong in this trend so I can see it progressing further up. If you missed the first entry area's then I would look to get in on the break and retest of that above trend line . The first target will be the top of the ascending channel . Then if it is still going strong the supply zone further above. I also think that will be the determining factor in the strength of the bullish trend we have been in. One to watch GLIYF