GBPJPY triple top

Looking very much like a triple top isn’t it?
I went short at about the 151 range and picked up 50-100 pips. However, it seems to have returned again.
Shouldn’t there be a lot of downward selling pressure?

However, the ascending trendline might push it up (ascending triangle pattern)?

I’m trading that pair right now. IMO, it’s forming an ascending triangle and getting ready to break the 151 range.

When it will do that, who knows. But, to me it looks soon, as it is making steadily higher lows. And if you zoom out on H4, (like you did) price is steadily climbing and has already rejected this price range twice before.

You could still probably make some pips on a pull back, but me thinks a long break of that range would be more profitable now.

I’m short off 151 area with tight stop, just looking for 50-100 pips a trade. Though i do expect it to break through 151.5, then we’ll be at 165 i think. Just waiting for the break out…

another short just got triggered… 151.45… s/l 151.85… TP to be determined

5 trades off the 151 area now… since yesterday (387 pips in the bank so far)

I will continue to short off the range 151.3 to 151.5 untill i get stopped out. then will look for a break and retrace and buy the dip…

Though keep in mind there is a very good possibility that it goes down from here to 147 and lower… so be patient and trade your charts

She’s a breakin the surface boys get out the harpoons!!!

Just bagged 52 pips. Probably could have held out for more, but I’m super new to this pair, so I just took what it gave me early.

I picked up 32.3 pips at a 5k lot from 151.520-151.843 and 72.7 pips on a 10k lot from 151.421-152.148…GOOD STUFF! :slight_smile:

i was stopped at BE+1…

Now do we get the asian retrace or what… wait and see!

Gone above, wish I’d held onto my trade instead of getting out at 50 :slight_smile:
Anyway, the daily chart/channel shows more room for upwards. However, I have no idea where the resistance zones will be at the current rate. Think I may wait for it to retrace to a support level and then BUY. What do you think?

I’m with you. We’re in a virtual dead zone for S+R lines… All we really had was some minor support from Oct-Nov of last year around 153.50, but the price blazed through that. I’m going to hold off on all GBP/JPY trades, except for any NickB scalp lines that form, until it either goes back down to support or until it forms some new S+R lines.

I put my own S/R line down according to what I saw on the chart at 153.61. Set a buy limit at +8 pips of that line. Set a TP of +100 with no SL, as I was fairly confident +100 would be hit.

Got up this morning, U.S. central time, and it had hit my +100 TP with no problem. It looks like it didn’t have any wild retraces, just went straight to it on the 4H.

Anybody else using the NickB method catch this one?

What do you think about the 153.61 line?
Strong S/R?
Scalp line to be used once?
Or not any kind of line at all?

On my charts scrolling back quite a bit, I placed the line as per some three or more wicks stopping at that line.

Worked for me, but I don’t know if it’s really S&R per nicks method, as it was made way far back. Don’t know if it counts for recent price range since it was far back.

Basically the top of a bowl or cup. I’d post what my charts look like, but I don’t know how to get that out of mt4 as a jpg and post it.

File --> Save as Picture

When you say NickB, you mean the scalping method? Doesn’t that rely on bounces off a certain point? I don’t see any bounce from 153.61 though I will give you that it stalled at that point yesterday I think.
Scalp lines can only be used once under this method cant they? Once it’s broken, it’s no longer a scalp, if it is continually used, then it’s a S&R but it’d be pretty weak at the moment. :slight_smile:
154.8 is more of a scalp line at present.

He does both line breaks and bounces. As I understand it most of his trades are line breaks. The bounces or retraces he trades are after a series of reversal candles and a long wick candle forms at the line and bounces back, then he might enter.

I can see why line breaks would be easier to trade as you just wait for the price action behavior by a line, instead of a bounce where you would have to wait for a series of reversal candles.

In any event I went long and traded a break of the line 153.68 line I put as S&R on my chart.

P.S. trying to get my chart to save right now, will post when I figure it out.

Here is the graphic of the chart I did the trade off of, this isn’t the entry.

This is where I scrolled way back and where I placed a line. I circled what appeared to be a S&R line to me. It did break it but it also stopped at it, to me it looked significant.

Here’s the same line, showing the break. I set my long entry +8 of the line.

So, I was trading a break. I was not looking for a bounce. I had a TP set at +100, which it hit before heading back down and evening into what looks like a rest.

This wasn’t a trade using the NickB method, in my opinion anyway. To trade a S+R line break the line needs to have significant history going back years. A couple hits in Oct-Nov only makes it a very risky, weak line.

Nick, myself, and others that have traded his method for a while aren’t doing any S+R line trades right now because GBP/JPY is at a 15 year low. There simply isn’t enough data to draw any real lines in this area. I haven’t taken an S+R break, or reversal, since October.

But on the other hand, good job getting +100 pips! :smiley:

So, are you just watching price and putting down scalp lines as they form, from sudden surges in price. And then going for the 50 pip scalps, on a break or bounce, when it comes back?

There are S&R lines all over the shot on the 4hr charts?!?!?!?!?
I admit there’s nothing at the current area since late last year.

I disagree, there are no S+R lines, [I]with a significant history going back for years[/I], on GBP/JPY right now. There are S+R lines, but not the type used to trade breakouts/reversals via the NickB system.

If you don’t believe me then here is a quote from Nick himself that he posted on his forum last week…
“I target 70 pips on S+R lines but as Spookie said at the moment they are not near the current price. However, GBP/JPY has been down here for a while and some S+R liens are beginning to form again.”[/I]

Some good NickB S+R lines are [I]beginning [/I]to form down here because prices have been in the area for 6 months now, but currently there aren’t any.