GBPJPY Bull

bax699

Well-known member
495 107
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
495 107
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
495 107
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
22 2
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
495 107
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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bax699

Well-known member
495 107
Good morning all, new week begins. Checking back in on the GBPJPY buy trade taken. Previously I had moved my SL to BE and price revisited and stopped me out. But I managed to enter again at a slightly lower price. All good as I believe in this big demand zone . Price found support and we have moved in our desired direction yet again on this pair. Currently sitting at 264 pips in profit of a R:R of over 1:2 currently. Risk free trade yet again and moving nicely. Price has breached the trend line so im hoping this will be the break above I have been waiting for. Hold for now GLIYF
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bax699

Well-known member
495 107
Good evening all, markets open again soon. Having a look on the GBPJPY buy trade. We have peaked at 300 pips profit on this setup so far, but we have seen a fall back in price. This is why GJ is my favorite pair as it always presents tradable setups, depending on the way you trade. We have been bullish on this pair since last year. We peaked in May of this year at 156.13. Since then its been slightly bearish but mostly sideways action. Still easily tradeable in the way we trade our setups. BUT I think soon may come the next good medium trend move, price is getting squeezed into the corner of this big bullish channel and the downtrend we have been in since the peak. Keep holding the position for now as still in profits, close some of the position to secure some profits and lets see what's to come next. If we break below the channel and demand zone then its selling time. If not ill continue buying at the strong area's. GLIYF
 

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bax699

Well-known member
495 107
Good evening all, thought I would update on the GJ buy we are in. Last week was very good for our position as I thought it would be. in total we are in 330 pips in profit on the position, with this week alone bringing in 230 pips alone, which is pretty good. BUT yet again we find price has met the supply zone which has caused price to fall back on the previous trades. So I urge to watch what happens on market opening and the first day of trading this week, as we could fall back again. If not and the bull is here to stay we are looking to break the supply zone to the upside for continuation. Keep holding for now but keep watch the beginning of the week, enjoy the rest of your weekend, GLIYF
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bax699

Well-known member
495 107
Good morning all, what a week we have had. Began the week with a TP hit and also ending the week reporting on the TP on GJ being smashed through. I have been buying from that demand zone multiple times. We have had some good trades from in over the past few months, I always thought we would get the break to the upside, and this week it happened in style. Currently we are 713 pips in profit on this setup, TP was just over 500 pips, where I did close some of my position just incase and left the rest running, which I am glad I did and I hope you also did too. Price has found itself at this supply zone from 2018 so I think we may see a pullback in price from here. Keep holding for now and ill update again next week on the next move, enjoy closing some profits for now. GLIYF
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sharabela

Member
73 11
It looks very bullish. If the price makes a bearish correction, the buyers may wait for a bullish reversal pattern to go long in the pair. The level of 154.500 seems to be an area, where the price may produce a bullish reversal upon finding its support. Thanks for sharing the chart.
 

Smith2525

Member
50 9
Looks like the little pullback might have just missed your entry zone... Almost spot on though! Price is currently half way up the green zone
 

bax699

Well-known member
495 107
Good morning all, GJ has been great to us on the last few trades we have taken from it. Buying each time we fall back to demand has served us well. With the last position peaking at 850 pips, I closed the remainder of my positions at 758 pips when we got the doji daily candle, low and behold price still continued to rise. But nothing to complain about here. So what's next, we it looks clear the bull is here to stay and I think we are just getting a pullback in price. So I will be looking to buy if price gets back to the demand area shown on the chart, with a confluence of the moving average for support it should be a nice area to buy in again. mark up your charts and keep watching for price action in that area. GLIYF
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pezza55

Member
64 20
i am looking at the 152 area for it to fall before getting back in on the long position still more liquidity to take lower and it will not be left behind. that beeing said the yen has fallen hard and dont see it recovering very fast thanks nice set up for sure
 
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sharabela

Member
73 11
A bearish correction followed by a bullish reversal around 154.000 may push the price towards the North. I am going to keep an eye on this to go long as well. Let us wait and watch what happens.
 
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