Intra-day and trade ideas on Pound/Yen

[topchess]

Hello,

I opened this thread to share my thoughts about this sweet pair. I will share any trading ideas or opportunities I see. I will also share my view about this pair. And please share yours too!

[topchess]

GBP/JPY

The daily chart close below all MAs is certainly bearish, however cautious is seen with Stochastic rebounding from oversold areas and already made a positive cross, and point up to a correction.

First Resistance seen by 233.70, thereafter 234.50

We will sell a top side test failure near resistance levels with tight stops.

[topchess]

On hourly chart, stochastic is overbought, but first resistance @ 233.80.
We might try to see around this level, but we will use a confirmation on topside failure.

No trade recommended at this time.

[topchess]

Short-term short trade is initiated @ 233.00, with a tight stop 233.45

Reason: hourly stochastic turning down from overbought / 233.41 failed on initial test, with nearest resistance was 233.67 60-day MA.

Comment: this is a high-risk trade. Daily stochastic are still pointing up and correcting higher, and first resistance was not tested @ 233.67 which is the 60-day MA and hourly 50 MA as well.

[topchess]

Stopped out on last trade -45

Price action is very tricky.

Went short again as the 60-hourly MA was tested near 234, but then the pair retraced to 233.

233.11 , stoploss 233.56 (-45)

GBPJPY is very tricky today, non-trending. just moving up once, and down once.

We put tight stop even though, the hourly close is so bearish, adding few odds to downside to bigger downtrend in play now. Also, 234 is psychological plus 60 hourly ma.

234.50 is next resistance on upside (Daily 50-70 MA)

Still a high risk trade. daily sto point up.

[topchess]

Following failure @ 60hourly ma, price dropped to 232.61 before rebounding, I tightened stop to 233.01, to protect +10.

[topchess]

Stop is hit +10, net -35

I reset shorts as the close on hourlies is still slightly bearish, reset shorts @ 233.13, with stop 233.53. -40

The 233.53 level now marks 50-hourly MA as well.

[topchess]

What a market, even candlesticks with my resistance MA so tricky. Stopped again. -75

[topchess]

Nearby resistance 233.90 / 234.45-55 area. We will sell a failure + a bearish candle stick.

This is all testing... I am trying to play market S/R.. But market does not respect any rule today.

Update: It moves down after taking my stop out again.. well ..

[topchess]

Went long 233.63 for a target 234.43. (50 and 70-day MA).