GBPJPY Bull

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bax699

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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
 

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bax699 said:
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
Click to expand...
y'all gone long on this? i'm just charting for now
 
I'm expecting a bounce off that Support below the Fib level or a bounce off the trendline either way buys
 
bax699 said:
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
Click to expand...

Nothing wrong with simple, often the best way!

A lot of nice moves on the GBP pairs this week that i like the look of.
 
Can't see anything but a buy here myself. Thanks for the update.
 
bax699 said:
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
Click to expand...
I have this on my radar this week as discussing it in another group. last week i thought about selling and i was not looking at the massive support zone to the left. after discussions it was clearly sat on a ledge ready to go higher with strong support. some times is good to discuss your mentality with trading!
 
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.
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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
Screenshot_4.png
 
bax699 said:
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 View attachment 275206
Click to expand...
I see it falling.
 
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
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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
Screenshot_1.png
 
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
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