As always I expect some reversal on monday. Support is now at 135.34. I am not going to short until European session. But the price has to go and jump off that level first. Only then I will place my sell stop below that level. That is the type of trading strategy that I always use for mondays.
gbp/jpy analysis
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So far support holds let's see what happens in a matter of a few hours. If it is not broken I would be buy on dips.
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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.
The only problem I see is that the Stochastic Oscillator is now above 80 (on daily) and I think it's quite dangerous to enter a long trade when the Stochastic is so close to overbought.
Exited at yesterday's high 137.65. A small day trade. 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.
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
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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 break even 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.
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.
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