Helloooo! Hmm. The strategy I’m using is like a tweaked or personalized version of the golden crossover strategy. So, these crossovers play a big part in determining whether or not I’d open a position. It’s basically dictated by the strategy. As for the 4H chart, in the past, I didn’t really check other timeframes apart from the daily, but I figured checking our the 4H might help me get a better entry.
Helloooo! Just a happy update for this pair. I opened a long position for this pair at 185.637 and I hit my TP at 186.002 today. I’m planning to open another position, but I’m still not sure if I’m already too late to open another long trade. Price is at the highest it’s been in a while.
Congrats on hitting the TP! I started looking at the GBP/JPY more lately, and got a trade in overnight as well. Seems like an interesting pair to keep an eye on, with more volatility than some of the other JPY pairs.
I think the price is at it’s highest since about late 2015 Will be interesting to see if it goes higher to the heights of early/mid 2015 or even up to the 200 level.
Thank youuu! Hope you also hit your TP from a couple of weeks ago. Haha. I haven’t had the chance to check out my charts, but I’m excited to see if price really moved this way!
Hellooo. I’m currently monitoring my chart for this pair, and I’m thinking of opening a long position because price broke through my MY 50 MA. I’ll let you guys know if I do open a trade for this!
Hi guuuys! So, I’ve decided to buy this pair @187.083. I put my TP @187.154 and my SL just a little below my 200 MA @187.037. Might be a bit too tight, but we’ll find out.
Well, that got stopped out quite fast. Price suddenly dipped a few minutes after I opened my trade. My 50 MA has also crossed over my 200MA. So I’m considering a short position now but I’ll have to monitor my charts for a bit.
No currently I ain’t have open trades on this pair, as I actually prefer more liquid ones like USD/EUR and smth like this.
Of course, gbp/jpy is a liquid pair, but still it’s way easier for me to catch waves on the one I mentioned.
If there was a MAs crossover and it closed below the 200s, then examine some other data or use additional indicator. It’s not advisable trading using only MAs as there might be a divergence with the RSI, for example, hence, a fake signal, so to speak. Watch out.
Bearish, taking advantage of the setback that occurred in the Asian session and respecting the bearish EMA 20 trend
I took the time to see that opportunity, after seeing the area indicated and that I respected the previous day, Asia marked the setback and for me it was a good opportunity to execute a 1 to 3, both operations were lost because I was not sure of the most correct location for the SL and for the second I moved the SL to a point where I thought there was no return but I also did not see what the structure of the graph indicated and that SL remained at a point where the momentum returned and then distributed towards where we had marked, I STILL HAVING PROBLEMS WITH THE EXECUTION OF THE ENTRY
Guys check the weekly chart. There are two chart pattern confirmation that a new downtrend is about to begin.
First the double top, and second is last week’s candle bar which is clearly the dragonfly doji.
If one wants more confirmation check the SMA 21 on the daily chart. It is still in bullish formations but the price is about to break the level. So it’s not too late for an entry.
As for the TP level, I still haven’t made my analyses but this is going to be a long-term trade so there is enough time for that.
Few thoughts on your GBPJPY analysis:
The 50MA crossing below the 200MA can be a bearish signal, indicating potential downward momentum. However, it’s usually wise to wait for confirmation before entering a trade.
Looking at multiple timeframes is good, but don’t let smaller timeframe signals override the bigger picture. The daily/weekly charts provide overall trend context.
Consider waiting for a pullback or break of support before selling. This could provide a better risk/reward ratio. The crossover itself doesn’t necessarily mean a continued fall is guaranteed.
Have a clear stop loss and profit target before entering. This will help you stick to the plan if the trade goes your way or doesn’t.
Thank youuuu @garfield01! I’ll apply these in my future trades (not just for USDJPY!). I still struggle with FOMO so I tend to jump in on the trade once I see the signals from my MA.
Hi Ria, it’s been a minute. That pair is whipsaw city, so be careful.
The Ever Visiting VIPER
That’s why they call it the beast
Welcome back Viper
Pound took a hit this morning re cpi
The ever grateful peter seeing EG rise
Hey P good to see you are still liquid
The Ever Liquid VIPER
I sometimes also trade on GBPJPY, only more focused on GBPUSD in FXOpen. To trade the GBPJPY cross pair, we have to look at the main pairs, namely GBPUSD and USDJPY. That way we can see the right movement for GBPJPY.
The interesting thing about GBPJPY is that daily movements are often wide, suitable for traders who like trading challenges.
I did ok on GBPJPY today (Wednesday) but it has been a while since I have traded on this pair as it has not met my basic set of entry rules to enter a trade but today (Wednesday) was the day to pull the trigger