Good morning back on my favorite pair today. Last time out price was looking like it was about to break above to continue the bullish movement, as we were looking for a break and re test. BUT look at what has happened, price literally visited the supply zone and dropped like a stone. IF you had the zone marked out and was a daily scalper you could of caught that move easily. But as im intraday to long term trader I am looking for buys. Which presents us with the opportunity to buy again from the strong demand zone we have previously bought from successfully. We will also be getting to the squeezed point in this downtrend in the bullish channel . Which excites me as we may catch a big move with a buy from this demand. So keep your eyes out in the next few days, once we hit this demand get ready to buy. GLIYF
The bearish engulfing candle right at the trendline’s resistance may generate strong bearish momentum. Thus, the price may end up making a breakout at the up trending trendline’s support. Let us wait and watch what happens next.
GJ dropped like a stone this morning!
Good morning all, back to my favorite pair today GBPJPY . Price has seen a dramatic fall recently. But look where it ended up. At that nice big strong demand zone . I actually took a buy yesterday on the lower timeframe’s as there was divergence. Ideally you could wait for this daily candle to close bullish to enter but I am already in. Little riskier so I have set my SL to BE already. I still believe we will see that break above, the trend line has been tested many times now and the last time it did break through but fell back. With this squeeze into the corner I think we may see that break above. I could be wrong but that what im placing my trades on. GLIYF
Great when you have a free trade on the go…
You must be in nice profits already. Wish I’d logged on yesterday!
Great trade this. Its great having those zones from a higher time frame. Give so much more confidence in the trade
Really like your Supply and Demand zones .
Clear and tidy charting buys are in order
Good morning all, new week begins. Checking back in on the GBPJPY buy trade taken. Previously I had moved my SL to BE and price revisited and stopped me out. But I managed to enter again at a slightly lower price. All good as I believe in this big demand zone . Price found support and we have moved in our desired direction yet again on this pair. Currently sitting at 264 pips in profit of a R:R of over 1:2 currently. Risk free trade yet again and moving nicely. Price has breached the trend line so im hoping this will be the break above I have been waiting for. Hold for now GLIYF
Really nice analysis, looking at the retest to enter on the 1hr with price action through the 50EMA on that Trend line would line up nicely for confirmation.
Not looking good here, falling through the floor today…
The price seems to have found a strong level of resistance at 152.550. It has been heading towards the South with strong bearish momentum. The level of 149.150 may hold the price as a level of support.
The support level or demand level around 149.5 is about the only bullish feature on the D1 chart - but when I say “bullish” what I really mean is “not bearish” - everything else looks shaky as hell.
The buy trade here might work out but I just don’t “buy” the assumption that when falling price finds support that is a buy signal.
Agreed, I have been bearish on this pair ever since price bounced off the monthly & weekly R level (blue & green lines). The weekly trend has been down. If price can get through this support area then I see a much further drop.
It’s a risk free trade regardless.
That Demand zone has been tapped multiple times already starting to lose strength
Risk-free trades only exist in the dreams of sleeping private retail traders.
Not really accurate, a trade with a Stop Loss set to over entry is considered risk free no?
Exactly mate
Good evening all, markets open again soon. Having a look on the GBPJPY buy trade. We have peaked at 300 pips profit on this setup so far, but we have seen a fall back in price. This is why GJ is my favorite pair as it always presents tradable setups, depending on the way you trade. We have been bullish on this pair since last year. We peaked in May of this year at 156.13. Since then its been slightly bearish but mostly sideways action. Still easily tradeable in the way we trade our setups. BUT I think soon may come the next good medium trend move, price is getting squeezed into the corner of this big bullish channel and the downtrend we have been in since the peak. Keep holding the position for now as still in profits, close some of the position to secure some profits and lets see what’s to come next. If we break below the channel and demand zone then its selling time. If not ill continue buying at the strong area’s. GLIYF
A stop-loss above the entry price on a long trade is actually a take profit order. Such a set-up is a trade without a stop-loss.
Of course, later on, after the trade has been running for some time, it is definitely possible to move the SL to above the entry, which is therefore a risk-free position. But before that point it is obviously not risk-free.