Good morning all, it's been a while since we have had a trade setup on GBPJPY . But it may take a while to get to my most favorable place for a position long term so i am looking at this short to medium term trade of a sell. We can see rejection from yesterdays candle so id like today's candle to rise in price a little more to get a rejection from the area around the moving average. Price look's to be making a lower high currently so it makes for an ideal sell here in the current trend. Maybe move down to the 4H chart to get a quicker entry into the trade. TP zones are easy targets, first being the demand zone created on the last low, and second being my long term target buying area. Low risk on this one all GLIYF
GJ Bull?
- Thread starter Lee-Bax
- Start date
Good morning all, from my recent video on YT i was looking at GBPJPY for this possible setup. No we find price has moved up to the supply zone . This is a major area of interest, as we look to the left we can see what has happened to price in the past, we have had some decent drop to be taken advantage of. I will be watching price today and if this supply zone holds then i will take a sell back down. We have some clear TP zones to aim for. If price breaks through then the dynamic changes and we also have some zones mapped out to buy from on any pull backs if the bull run is going to continue. Should be easy to take we might even have to go down to the 4H chart for an entry as I have a feeling it may drop before the days end. GLIYF
Solid trade set up with lots of downside potential
I caught a few solid shorts last week from this. Nice set up and thanks for the tips
Seriously? Did you actually look at an updated chart since Tuesday.
Price shot right thru - not so solid - 158 supply zone on way to 161.
As Lee-Bax mentioned look to see if it returns to zone as possible support. But the way Yen has been running lately that might not be for a while.
Another one who doesn't appear to look at charts often.
Shorting in an uptrend, hmmmm.
Drumming up clicks for Eagle-FX more like it.
I think we'll see a pullback over the next few days, but yeah, JPY is looking really weak at the moment!
Top of the morning to you all, todays' report is the trade I have taken on GBPJPY . After market opening we saw more continuation to the upside. But Monday saw a big rejection from the supply zone . Tuesday we saw bearish reaction so that was my signal to enter. It is an impulsive entry so I only used 0.5% risk. Aiming for the imbalance on the big daily candle below. Before I will start looking for buys. If you watched my YouTube channel you will know what I was looking for so hope you managed to tag along. Will update again in a few days. GLIYF
