Yes, nothing new. Buying on dips. We gonna watch for some support and see what happens there. Now it is at 137.00 area. Wait for some 123 patterns near support before european session.
123 formed and I entered long at 137.20, stop loss at 136.95. Let’s see what happens.
Exited at yesterday’s high 137.65. A small daytrade. Direction is still up, as support holds. It is at 136.30 now. I will be looking at that level. It could be visited during asian sesion. 123 and buy on dips. That’s it. Simple strategy.
Bought on dip after 123 pattern was formed. Went long after break of 123 high (136.20) stop loss is at 135.85. t.p is at 136.90 - close to even number.
Stop loss was hit. However, the pair reversed again by forming 123 pattern at the same level, so I went up from 136.20 again and exited at 136.90. I still have a bullish position towards pound and now support is at 136.70
Passed through support at 136.70 hit second support at 136.36. If it goes up, I will go long a few pips above 136.70, stop at 136.35
Exited at 137.10 (asian high). Not doing anything before NFP comes. I will check possible range and trade the breakout of the range when the news comes.
Entered market when the news hit at 136.20. There was some initial profit, but as I did not move my stop, I had to exit at breakeven when market started going against me.
Since the price jumped off support I am still keeping to my bullish position towards the pair and if it comes to 135.60-135.40 level in the european session I am going to take a long, provided a nice reversal pattern is formed. Additional support, during asian session low could be formed. So I will have this in mind as well.
No trades for today. We have to see what happens after Federal Committee meeting. I will watch 135.40 level closely. It can be a place to go long and there could be a breakout point down. I am neutral at the moment.
Entered a short at 136.35 and exited at 135.60. Now going long from 135.75, stop is at 135.25. Profit is at 136.35 (previous resistance)
Was knocked out of the trade. Again, I will watch what happens around 135.00 level to see if I can go up. A bullish candle on 1 hour chart tells me that we could go up again. However from the chart we could see lower highs and lower lows. Which means we could think of going short at the touch of the upper trendline.
Price reached important support. I am more inclined to buy now. Waiting for confirmation on 15 min charts.
I had to lay aside my technical stuff as news from GB moved the market and I was able to jump into the event by using my news trading method. Got 80 pips of profit.
As previous day low was tested many times but wasn’t broken I entered long at the break of asian high and exited at an even number. Small day trade.
The pair is in a small range now. There could be a possibility to buy at support and sell at resistance. I guess the pair can break out of the range tomorrow as well.
I did not trade on friday. Now gbp/jpy continues staying in an ugly range. I hope it will go out of it in the beginning of next week. I am going to sell at the break of minor support which is at 134.00 level. A breakout up is also a possibility but I would only enter it if it happens in the European sesion and by no means on sunday open.
gbp/jpy was caged in the same ugly range it has been for a couple of days already between 134.80-133.00. The best policy is to trade reversals at support and resistance after formation of 123 pattern. I expect a breakout but not sure if it happens tomorrow. We need a strong push for the pair to breakout, perhaps some macroeconomic data.
Nothing new. Buy at support. Sell at resistance.