Good afternoon all, hard to believe its been a couple of trading weeks since I have updated on GJ. But there hasn't been too much happening. Since the last post it looked to of formed a little demand area, but price respected the down trend and friday we saw price tank right through demand to where it currently sits. But to my delight we are close to the big demand zone that has provided us with lots of pips previously. We also have added confluence with the trend line so look to buy from there also. So this could be a nice buy area for us to get a nice trade in. Look for support to form in price over the next couple of days then we could get a nice buy back up to supply. GLIYF
Good afternoon all, back on GJ again today as I entered a buy position on yesterdays daily candle close. It formed a nice 50% candle right on my favored demand zone . This is a risky trade as bias is bearish recently on this pair. Also price has broker out of the long standing weekly bullish channel we have been trading in. But I am hoping its a fake breakout and this demand zone will once again provide us with some pips. If not then I will look for the break below for further downwards movement as indicated. Hope you saw the same and followed. GLIYF
Good morning all, checking back in on GBPJPY today. Last time out I posted i bought from this demand zone . Purely from the fact what has happened to us from the left and previous positions. After placing a buy position we had a bearish day and we tested the demand zone again, dipping even further down past my entry zone, which I had to extend my stop loss. Normally I wouldn't do this but I am confident with how strong this demand zone is, so wasn't a problem to do so. Price since has proved to be what i expected and we have seen a bullish response, if todays candle also provides to be bullish we should be well on our way to TP1. We have to beware of price stalling at the trend line . Would like to see price trading back in the channel above to be more confident in the bull. Currently 120+ pips in profit. After todays candle I will move SL into profits to secure some pips. Hope you followed along GLIYF
Good morning all, update today on GBPJPY . We haven't had much movement lately. Price looks to of formed a bearish flag right here at the demand zone . I am still holding my long position here due to favoring the strength of the demand zone from previous trades. But they don't hold forever and I am aware it could possibly break here with this flag. Again with trapping the market into a corner, trade the winning direction, for which I would like to be back bullish . But I will sell if we break through his demand zone , hold and watch for now. GLIYF
Good morning all. Hope everybody had a Great Xmas and got lots of presents. I took last week off to refresh the batteries, But today its back to earning the pips. I left some trades going without checking over the holidays so lots to update on. Today is GBPJPY and as we can see that demand zone we have used time and again has provided us with some festive pips. We got a nice breakout from that flag to the upside and even if you was watching we got a prefect retest of the break for those that hadn't bought from the demand zone , easy trades to take. Currently 380 pips in profit over 1:5 - R:R. Now is the time to secure profits and let the trade run as supply zone is about to come in play. GLIYF