Best decision when it is not clear cut for you, tbf not traded much GBP at all this year.
GBPJPY Ready to moon? or not
- Thread starter Leebax
- Start date
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Best decision when it is not clear cut for you, tbf not traded much GBP at all this year.
Looking back at our old friend GBPJPY today. Alot has happened since we last took a look at it. Price broke out of the bullish wedge formation with the GBP reshuffle in parliment. Now we can see price retracing. I think we could either see a bounce from the 38 fib like we have seen many times in recent past. Or a simple re-test off the broken trend.
Quite a simple trade to look out for in the near future. GLIYF
Quite a simple trade to look out for in the near future. GLIYF
Its monday, markets are open and firing. Big gaps everywhere from the weekend. Fresh Coronavirus threats and concerns going on from G20 meetings. Gold shot up some more and its possible we could see some strength in safe havens like JPY pairs. Im thinking of this short term sell on GJ. Small stop available of 40 pips or so with a nice possible 300 drop back down to solid structure of multiple confluence of support. Hanging man/Doji on the daily close last candle. Could we see the push back down to that 0.38 fib? lets find out.
Looking back at GBPJPY . Previously when i analysed this pair i suggested the drop from the resistance zone above with a 300 pip drop back down to the 0.382 fib. Well we are currently 220+ pips up on that move, price is currently sitting in this small mid section of price reaction area, if we clear this then TP should be achieved. Would be a good idea to take partials here, move Sl well into profits on the runner and let it do what it does. Looking for another hit in the magic blue circle. If we hit it this time and bounce from it again then that could be another nice buy too. You can see each high that has come from this fib level has been slightly higher each time. The next move up could possibly be bigger than the rest and push above the supply zone above for a huge move. GLIYF 
Its the weekend so time to reflect back on the trade opportunities from the previous week. On Monday i gave the sell call from 144.596 clearly on my chart. I was looking for the short down to the blue circled area of about 300 pips to the bottom of that channel to the .618 fib. Now just because it reached there doesnt mean you just instantly get out of the trade.
To max profits you should leave a runner position open and either close on price reversing, or bringing down your stop loss to get stopped out. Well with these markets the past week the moves across the board have been INCREDIBLE, Huge move happening, GJ just kept dropping and dropping thanks to Nikkei falling and the corona virus. Finally price got down to 700 pips, thats one week from monday to friday on one pair.
This is a lesson to everyone how to earn maximum profits from your trades and to leave an extra position open as a runner or close half of your initial position. Tomorrow i will look at a pair that didnt go as expected. But this GJ of a potential 1:10 R:R was awesome
To max profits you should leave a runner position open and either close on price reversing, or bringing down your stop loss to get stopped out. Well with these markets the past week the moves across the board have been INCREDIBLE, Huge move happening, GJ just kept dropping and dropping thanks to Nikkei falling and the corona virus. Finally price got down to 700 pips, thats one week from monday to friday on one pair.
This is a lesson to everyone how to earn maximum profits from your trades and to leave an extra position open as a runner or close half of your initial position. Tomorrow i will look at a pair that didnt go as expected. But this GJ of a potential 1:10 R:R was awesome
Back to our friend GJ today. Trend continues, as previously suggested we came back to touch the 50% fib and rejected. Previous support now resistance, corona virus still spreads fear into all world economies, japan pumped their highest ever amount of money into their stocks. Fear is here, this trend can be our friend, i've been scalping sells since last week on any pullbacks in the smaller time frames. As you can see we have broke the secondary sharp uptrend, most likely now price will visit back tot he primary trend, which in turn meets the 0.236 fib and previous resistance which should provide some support. That's where im aiming for price to go to. Wether it stops there is anyone's guess, time will tell with these market conditions. stay safe out there at the moment, as always risk management and you will be fine 
Today were looking back at our friend GBPJPY . One thing i love about GJ is that it respects Fib levels alot . Since the corona virus outbreak we had the massive drop happen. We got held up at the 0.382 fib, touched back up to the 0.5 before the next drop . the 0.236 level co insides with the primary trend, in which it looks to have held well and we have rejected from that zone. i think we could possibly visit the 0.382 for a touch before we revisit the primary trend again before the next move upwards. If the nikkie index holds up and starts to make some ground back up then GJ will also move up, Japan have the olympics soon so they wont want it all doom and gloom for that time. Stay safe currently the markets are wild still and big moves are happening, use risk management and you can catch some good pips
When i last analysed GJ we had bounced off the primary trend line and heading back up to the 50% fib level. It did just that and came straight back down. Now i was looking for GJ to hold its primary trend and make another bounce upwards, but a tthis time the world health organisation declared the corona virus a pandemic. So no Bull to hold in JPY pairs, back it came crashing through the long term primary trend for the bear to be declared the winner. As lons as this virus goes on then i think selling JPY pairs is a safe bet. i will be looking on any pullbacks towards the .382 fib level and retest the underneath the broker trend to sell it all the way down back to the bottom, will it make a new yearly low? who knows, all depends on the virus affects. GJ belongs in the 140's in normal circumstances, so once this is all over we will have a nice bull run if economies get back to a normal state, but until then the bear looks to be in play now
GBPJPY recently has made massive ground in the bear camp. The drop from the top has all been due to the problems were all facing in the world. Looking at GBPJPY today we can see its broken through all up trends it formed. Now we look for areas of reversals, to do this we can only look to see where price has strongly reversed from in the past. obviously the conditions currently may be a little different, but its all the same in the grand scheme. Last time price came the area of 127.00 i called the long and we gained over 500 pips from this trade. so i will be looking to do the same from 127. Obviously dont just lump a long position in wait for price to reject the area and give signs of it stalling. Then you can get a nice R:R trade in with a tight stop loss. If it breaks through that level then the weekly support zones below look to be the next stop. Trade safe risk management as always GLIYF
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