It seems to be a fantastic setup. The down trending trendline has been a key factor. Moreover, the chart produced a Double Top at the trend line resistance. I assume the price may head towards the South with good momentum.
W - uptrend
D - uptrend
H4 - downtrend
H1 - uptrend
My favourite indicator is turning from sell to buy, a green candlestick next week would turn that indicator into a buy.
Not sure I see good logic for a sell on this one. The candlestick pattern is bullish too (symmetrical triangle). I’d be looking for a buy confirmation next week with potentially big moves and a breakout. Maybe 170+ is in sight.
Really nice sell model, seems it will come and take the liquidity below and complete the model fully
Surely time for GBP to show some strength
Trying to break thru the resistance but let’s see how successful will be.
The level of 161.700 is going to play an important role in GBPJPY. The price had a rejection at this level already. Thus, another rejection followed by a bearish breakout at the last swing low may drive the price towards the South. On the other hand, if the price breaches the level and produces a bullish reversal, the Bull may dominate here for a while.
As I said that the level of 161.700 may work as a level of resistance. The price has breached the level and the pair is traded above it at the moment. Consolidation followed by a bullish reversal candle may push the price towards the North in GBPJPY.
Good morning all. Checking over the charts today and I am looking at another possible sell on GBPJPY . The last sell we took hit my SL at 1:1 R:R. We sold from the supply zone and price quickly moved into profit. We did peak at over 1:4 R:R so depending where you had your stop loss we all made on that one. since then we have had some bullish movement last week, but more importantly we saw price visit this current supply zone and reject. Giving us a good entry indication going into next week for a possible easy sell with a tight stop loss at this zone here. Good potential R:R on offer here GLIYF
It rejected that area during a retracement move. The chart is still a strong uptrend. I’d stay away from shorting this pair, because shorting now would be a suggestion of a change to a downtrend and it would be too early to jump on that now.
I’d be waiting for a move above that level and then buying looking at going to 168 and possibly going to new highs.
The trend is your friend, don’t bet against it
The areas marked are nice, i will definitely keep an eye on this
It looks to be a strong resistance zone. The price may head towards the South upon producing a bearish reversal pattern.
Heading back up strongly this week, looking at 167.500 again I think
of course it is, zoom out and look at the charts. I’ve posted it the last 2 weeks and still everybody seems to think shorting this pair is a good idea and posting how the charts look bearish
Good morning all, Update today on the GBPJPY Trade idea I sent out a few days ago. Since market kicked in this week JPY has been sold off and we have also seen some GBP strength come into the market. Which as you can see has given us a big push up on this pair. I did open a trade at market open but closed it once I saw the bullish movement come into play. Really I was a little impatient as this setup looks a lot more uniform to take. DEPENDING on wether this supply zone holds or not, if we break above then the sell is invalid and the bullish trend should continue. We have the classical double top formation looking to set up. Looks like a juicy position forming so we need to keep watch over the next couple of days to see if we break the supply zone or not. If we don’t then get ready on the sell. Standard type of setup to take so should be easy for you all. Will update again in a few days. GLIYF
This is a significant level where the price had a massive rejection. I am going to keep an eye on the pair to see whether it produces a bearish reversal pattern to offer short entries.
Looks like it just skimmed the high and stopped you out which is a pig. Strong rejection from there.
You’re trying too hard to find confirmation of what you want to happen. It may reverse now, but it’s in a strong uptrend, so will likely go higher. The safe bet is that it’s going to a new high before retracing. One morning does not make a reversal, if you want that then you need confirmation.
If you’d taken my advice 2 weeks ago, you’d be rolling in pips.
I’m trying to trade my own strategies, I don’t need you telling me what I need to do or don’t do. If you look back you will see I have caught thousand’s of pips off GJ alone. Also if you look you will see I was looking to buy in down at demand but missed the opportunity because it moved quickly. It’s a simple double top formation. These types of trades have been traded many many time before and they will happen many times again. It doesn’t matter if I lose a trade that’s fine as I set my own risk, stop making it out to be the, be all and end all if someone gets a trade wrong. Keep your negative comments to yourself
Good morning all. Quick update today as per sending out the possible sell setup on GJ a few days ago. We saw price push deep into the supply zone , but most importantly it didn’t close above. Then yesterday we got just the candle we were looking for, a nice <50% candle to give us a signal to sell. As always that is why we wait for resistance to form before we enter. Trade opened on daily candle open today, currently in small profits, looking for a similar move from what we saw previously to the left. Volume is showing to be on our side with todays and yesterdays bearish candles more than the bullish move which pushed price up. Will update again next week. GLIYF
The daily chart shows that it produced a Spinning Top right at the level, where the price had a strong rejection earlier. It is a good zone to go short. Wishing you all the very best.