Good morning all. Checking over the charts today and I am looking at another possible sell on GBPJPY . The last sell we took hit my SL at 1:1 R:R. We sold from the supply zone and price quickly moved into profit. We did peak at over 1:4 R:R so depending where you had your stop loss we all made on that one. since then we have had some bullish movement last week, but more importantly we saw price visit this current supply zone and reject. Giving us a good entry indication going into next week for a possible easy sell with a tight stop loss at this zone here. Good potential R:R on offer here GLIYF
GJ Bull?
- Thread starter Lee-Bax
- Start date
Good morning all, Update today on the GBPJPY Trade idea I sent out a few days ago. Since market kicked in this week JPY has been sold off and we have also seen some GBP strength come into the market. Which as you can see has given us a big push up on this pair. I did open a trade at market open but closed it once I saw the bullish movement come into play. Really I was a little impatient as this setup looks a lot more uniform to take. DEPENDING on wether this supply zone holds or not, if we break above then the sell is invalid and the bullish trend should continue. We have the classical double top formation looking to set up. Looks like a juicy position forming so we need to keep watch over the next couple of days to see if we break the supply zone or not. If we don't then get ready on the sell. Standard type of setup to take so should be easy for you all. Will update again in a few days. GLIYF
Good morning all. Quick update today as per sending out the possible sell setup on GJ a few days ago. We saw price push deep into the supply zone , but most importantly it didn't close above. Then yesterday we got just the candle we were looking for, a nice <50% candle to give us a signal to sell. As always that is why we wait for resistance to form before we enter. Trade opened on daily candle open today, currently in small profits, looking for a similar move from what we saw previously to the left. Volume is showing to be on our side with todays and yesterdays bearish candles more than the bullish move which pushed price up. Will update again next week. GLIYF
Good morning all. Happy to end the week on another TP hit!
GBPJPY reached our TP zone yesterday for a total of 780 pips for a 1:9 R:R. We managed to achieve this in 5 trading days, so it turned out to be a great trade for us. As previously mentioned we are still in an overall bullish trend , and as you can see price rejected from the multiple confluences of the demand zone and the moving average. Looks like it found a lot of support and we could either see a retracement here for more down movement or bullish continuation. Either way we are out with our profits and looking to the next trade. I will watch price over the next couple of days and come back next week with the next possible setup, enjoy your weekend all. GLIYF
GBPJPY reached our TP zone yesterday for a total of 780 pips for a 1:9 R:R. We managed to achieve this in 5 trading days, so it turned out to be a great trade for us. As previously mentioned we are still in an overall bullish trend , and as you can see price rejected from the multiple confluences of the demand zone and the moving average. Looks like it found a lot of support and we could either see a retracement here for more down movement or bullish continuation. Either way we are out with our profits and looking to the next trade. I will watch price over the next couple of days and come back next week with the next possible setup, enjoy your weekend all. GLIYF
Good morning all, after our last trade on GJ hit TP we are onto the next setup. As price hit our TP zone down at demand we cans see that we got big rejection from that particular zone. We have since seen price re visit the supply zone from when we last sold. But it looks like the bull may continue and I think the next push may break the supply zone . So I am looking at a buy from this little demand just under where price is now. Hopefully price will visit there over the next few days and gather support to give us our entry. One to keep your eye on and be ready. GLIYF
My thoughts too, your forecast matches my notes on the weekly chart.
Thank you everyone for sharing your analysis.
Good afternoon, hope everyone is having a good weekend. Just going over my charts on a Sunday afternoon and thought I would do a quick update on GBPJPY . SL was hit, I took the buy trade after Thursdays candle close, as we can see Friday just gathered momentum and tanked right through demand. It may be the sign that the bull run is coming to a slow end. Price action over the next week will tell us more on what we can expect next. But for now it looks like we could trade in this range. So I will look to sell again from supply above if we reach there, or buy from the demand below. ill update again this coming week after more price action. GLIYF
