GBPJPY recently has made massive ground in the bear camp. The drop from the top has all been due to the problems were all facing in the world. Looking at GBPJPY today we can see its broken through all up trends it formed. Now we look for areas of reversals, to do this we can only look to see where price has strongly reversed from in the past. obviously the conditions currently may be a little different, but its all the same in the grand scheme. Last time price came the area of 127.00 i called the long and we gained over 500 pips from this trade. so i will be looking to do the same from 127. Obviously dont just lump a long position in wait for price to reject the area and give signs of it stalling. Then you can get a nice R:R trade in with a tight stop loss. If it breaks through that level then the weekly support zones below look to be the next stop. Trade safe risk management as always GLIYF
Since i last looked at GJ i was looking for it to hold at the previous low for another swing upwards. It didnt quite hold instantly but as price closed below, but straight away the next day we surged back above the 127 level. Closed above and 2 bullish days kept it alive. currently on a small bearish day candle but price is getting squeezed into a corner, ive included the 4H chart today to look at current price action and as you can see we are making higher lows. We just need price to break out this little squeeze to make a new higher high then we could be on for a nice little bull push for some pips. Obviously the break below isnt off limits so watch out and be careful. i think i will wait for that first higher high then buy on the next pullback, as if a bull is real there will still be plenty of pips to be had. New week begins lets make it a good one. GLIYF
Well revisiting our friend GJ from mondays analysis. I suggested a buy for some at the price of 128.200, ive included the chart form monday so you can see, and what do you know we are at wednesday and we have gained over 500 pips. So well done to anyone who took the advice and made that amount of killer pips on whats only been two days essentially. As i thought what would happen we have created a new higher high. Ill be looking to buy on the next higher low made in price for another push higher. But as we know the world is in a mess right now so risk management is a must in these conditions. Trade safe GLIYF
If you follow my setups and charts then youll will of seen this week i concentrated mostly on GBPJPY . We visited it a couple of times as i was looking at the buy from previous areas we bought from before. i first looked for the buy at 128.2. We got the first part right, and now i will blow my own trumpet as each level and each one of my circles was hit perfectly. Check the previous charts and youll see.
If you bought on the original call then you will be 640 pips up this week. If you waited for the breakout and bought at the support from the first blue circle then you will be up 388 pips this week. Both with good R:R and tight stop losses. Price hit the aim for the top blue circle so good time to take profits. The next trade i will be looking for price to break above the blue circle then come back for support again for another push. Same as previous levels. Not a bad week from one pair at all. Enjoy the rest of your weekend
You have a crystal ball my friend
Good saturday folks. Hope your trading week was profitable. Should of been if you took the GJ profits. Was a good time too as weve moved sideways this week. i think its getting ready for the next push upwards. Price has held strong right on this support shelf, not even wicking below. Two positions available for me, one is at current price but a little riskier as we havent broke above the primary long term uptrend, but offers more R:R. The next positon would be absolute prime entry, break back above the trend, witht he confluence of the retest, the 0.5% fib and 136.000 support level . This would still offer a good amount of pips with a little extra confirmations. GLIYF
Sounds good to me, will be watching when the market opens later
Not looked at GJ for a while. Price has came back from the underside of the previous uptrend that was broken. We have dropped a little in price but it seems to have held on the .681 fib level. i think if we break above this short downtrend and above the 50% fib then we could be back in business for a good bull. im currently in a buy personally as i got a fairly tight stop loss. But my ideal time to buy would be to break above one of the two mentioned levels or defo back above the previous strong uptrend before the virus hit us. GLIYF
A week of daily gains must have been good for your Buy?
GJ has been a little hard to read for me recently. Its in an area of either a pullback from the higher TF’s but also giving signs of a bull trend. Now recently we had a small bearish price action but as you can see the .618 Fib has held on multiple occasions. Seems to be a strong area of support. So if it holds then my thoughts are to a bull. But i think we have to wait and see on this one. Wait for the break up or down that will tell is the most pressure to buy or sell. The buy will give us more R:R as theres alot of room to move into. theres alot of traffic to the left going down and naturally GJ belongs in the 140’s+. wait and see for this one. GLIYF and RM as always
It’s a tricky one at the moment so I’m leaving alone for now…
Looks like GJ has been ranging for a while now before its next major trend move. Since we last looked it was just under the trend and i was bullish , we got that movement to the top of the range, but since we have moved back down. But will this time be more powerful with the break and retest of the trend and also in conjunciton with the fib level too, will this be the catalyst for a nice push upwards? Lets wait and see, but ill be buying in the yellow circle area with a small stop. GLIYF
Well today im reporting on a stop loss hit. JPY has gained alot of strength recently and we see drops on jpy pairs across the board. Its possible i might of entered too early for my idea of a long trade. I will know what the true direction is over the next couple of days what happens to price round this area. i still think this is a retest and we could see some upwards movement from around this area, i just got in too early. Doesnt matter though as thats what risk management is for. We just move onto the next trade. ill be looking to buy still but i will wait for a confirmation of support first this time. Lesson learnt again. GLIYF and RM as always
Can’t win them all
Last time i got stopped out on GJ, but were back looking at the next option again. Looks like price is rising slowly into an ascending wedge shape. Id like it to move sideways and maybe gather demand at the support section to the right. Looking for the push up. Then the next major zone im looking at for buys is back above the longer trend on the .382 fib. Thats when i think we will see some more big bull movements. Maybe the UK getting through the pandemic and opening up the economy might give it that push. Look out for it GLIYF
Terrible end to the week for GJ buyers. Bad news on the pandemic ‘r’ value for GB means they’re not out of the woods yet…
Well in recent times we have seen GJ drop like a stone. i guess in my hopes i was looking for the bull to return, but the bear was too strong from the higher time frames. In these markets i dont sell at the bottoms i look for buying opportunities. So on to next wekk and what i will be looking for. We are approaching the imminent support level , albeit a small one but in conjunction with the .618 fib. Ill be looking for exhaustion in price around this level for a turning point to get in a buy. Or will we see it drop further to the strong demand level with the .786 fib level, or even still a great double bottom on the 124.000 price. time will tell, keep your eyes peeled this week. GLIYF
Hope you got your Buy?
Sunday and markets open again tomorrow. Im looking at GBPJPY this week mostly. We saw some sell off mid to end of last week, respecting the downtrend bias. Price never reached our set levels last time we looked at it. But were looking again and those two blue zones ive marked out look like good trade opportunities to me.We are currently inbetween s1/s2 pivots , but id like to see a further push lower to the stronger possible reversal zones of S3 with the .618 fib or S4 with the.786 just below it. Watch for price action in those two areas for a nice R:R back up towards the pivot . Lets have a good week everyone GLIYF