Hey guys! I have a bit more time these days so I’m opening a new trade set ups thread where we can chip in and discuss ideas.
Having a little look at GBPJPY. price is consolidating in the demand zone after the bull push up a couple of weeks ago. The last dynamic support has held and price is making a little push upwards after the gap down to last weeks low from market opening. it needs to stay above 131.4 to remain a bull for me. Watch price around 133.13 for some resistance. Currently it is pushing up so will watch this pair today for a sign of its next big movement in direction and trade with it. no need to rush in today.
Currently I’m looking at breakout sells from price retracing to 1.09150.
If you remember end of September we had a great buying opportunity which I took advantage of, now we are going to see if this will be a continuation or a sell off using that level of 1.09150 in contrast to the 61.8% fib level. Eyes open.
Our old friend GBPJPY - Price has pulled back to the strong support level of 130.50. There is a good chance we could get a push up from here to the next resistance of 132.00. Hopefully it can get through that barrier and we could see another bull run on GJ. The obvious resistance zones are the trends. If it can make it through those then it could be a very big swing trade.
Going back to gold again. As you can see price pushed up to the trend perfectly and rejeted back from it. Looks like we could be getting squeezed into this little corner. But be careful as the trade talks with US and China can make gold move quick.i see it going either two ways, consolodating down the squeeze for the techincal drop, or a fundemental trade war push up above the trend with a weakening USD. Trade the winning direction of the breakout is my opinion
Beautiful Ranging markets in play here, and an obvious looking sell off potentially about to occur, let’s keep an eye out for the price action developing sell signals from 1.10174to 1.09933
Happy monday traders, start of a new week and we are covering GBPJPY again, as it one of my favorites. We have been watching this for a couple of weeks now and after the initial bull push i had been stating we were in a pullback for a while. We found the support level 130.4 last week and price soared up over 600 pips. Well done to anyone that traded it. i got some nice pips from it myself. Price seems a little exhausted so naturally we should see another pullback, which should determine what happens next. Will we consolidate under the long term trend, or will we drop back below support for another big drop down. It could possibly even break above the long term trend, if it does this then it confirms a long term bull. Just be careful with this pair as it is coming to crunch time with brexit over the next couple of weeks, news will make this pair move big
A very nice entry point off the support level on GJ at the 135.68 mark, very nice price action at the bottom of the flag formation.
The same has played out on a GU/GC but wouldnt be trading all these GBP pairs lol as you said a little fundamental news this week could blow these set-ups out the water!
With it being October and all the Brexit news happening this month i thought we would take a look at EURGBP. Lately GBP has seen some strength on the back of brexit news releases, and the volatility is certainly high with this currency currently. Price on this pair has dropped down to the long term uptrend seen on the daily. Currently it sits on a strong support shelf 0.87-0.875. Its possible we could see a bear flag form here and drop through the long term up trend. If that happens over the next few days then be ready to go short on the retest of the break. If price holds this support and trend then we could see it push back up. My money is on the short after the recent strength. Obviously its news dependent so be careful with GBP, but there is some big pips to be made on this currency. Trade the winning direction and you will be rewarded
