GBPJPY Bull

bax699

Well-known member
431 82
Good evening all, update on the GBPJPY buy trade that was taken. Again we find ourselves in a similar position to the last buy we bought from the demand zone below. Currently 250+ pips in profit on this setup. But we find price now meeting the down trend line . Price is trading above the moving average, albeit sideways so that isn't as big of a consideration. I would like to see price break and re test above as normal for a continuation. I would suggest locking in at least 150 pips profit where I have the ray line drawn out, just incase we see price drop back again. I do have a feeling we might see price visit the bottom side of the big ascending channel we are trading in from the bottom. Hold for now and secure the bag. GLIYF
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bax699

Well-known member
431 82
Good evening all, the markets are open for another week of trading. Hopefully GJ will move into a setup we can take. At the moment its currently at indecision. As you can see from the past week we moved in consolidation under the trend line , price did move above but ended up closing below. Currently sitting above the EMA and looking like we may break above very soon. Looking for a break and re test setup this time on GJ. Either of the trend lone or if we break the supply zone . Ideally id like price to come back to trend and demand for the buy again but will take what comes to us. Mark out the zones and keep an eye out. Ill update again if I enter a trade. Have a good week all GLIYF
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bax699

Well-known member
431 82
Good morning back on my favorite pair today. Last time out price was looking like it was about to break above to continue the bullish movement, as we were looking for a break and re test. BUT look at what has happened, price literally visited the supply zone and dropped like a stone. IF you had the zone marked out and was a daily scalper you could of caught that move easily. But as im intraday to long term trader I am looking for buys. Which presents us with the opportunity to buy again from the strong demand zone we have previously bought from successfully. We will also be getting to the squeezed point in this downtrend in the bullish channel . Which excites me as we may catch a big move with a buy from this demand. So keep your eyes out in the next few days, once we hit this demand get ready to buy. GLIYF
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Jim B

Junior member
15 1
How long have you been trading this pair ? Nice analysis on it btw I may have to start following you with this, been trading this pair a bit more recently.
 
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bax699

Well-known member
431 82
Good morning all, back to my favorite pair today GBPJPY . Price has seen a dramatic fall recently. But look where it ended up. At that nice big strong demand zone . I actually took a buy yesterday on the lower timeframe's as there was divergence. Ideally you could wait for this daily candle to close bullish to enter but I am already in. Little riskier so I have set my SL to BE already. I still believe we will see that break above, the trend line has been tested many times now and the last time it did break through but fell back. With this squeeze into the corner I think we may see that break above. I could be wrong but that what im placing my trades on. GLIYF

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