OANDA:GBPJPY   British Pound / Japanese Yen
So another similar set up here on another GBP!
So a very similar trade to our last one which was posted earlier: (What goes up must come down) & (Lets try again).
So what we can see here, the British pound has spiked throughout all currency pairs today which is the 04/02/21.
The main cause to this i believe is 'BOE Rapid U.K Rebound Following Johnson's vaccine push' headline news.
But as we can see here the price hasn't yet pushed up as far as our resistance zone . Now if price carries on to be bullish and continues to push upwards with momentum and break through our resistance zone then we will more than likely hit Stop loss. (Worse case scenario)
But from analysing the chart i believe that we could potentially see bearish momentum and see price drop as far as 143.300

im going to keep a close eye on this as im currently in a few other trades at the moment and if i decide to take this one then i will update this post as of when! KEEP YOUR EYES PEALED GUYS! we're going to make big moves before the end of this week!

Comments

You need to be careful with these, as you're going against the trend. It's best to look for buy opportunities on a rising trend rather than sells unless you're scalping
+3 Reply
@Matl101 appreciate the feedback! Currently running in nice profit. Few more pips and will be moving SL to entry to reduce the risk
Reply
profit ? bruh its constantly going up. it was a mistake taking that trade and no i didnt follow you
+1 Reply
@mattibender7 each to their own..
I took a quick £50 profit off a pull back... these were personal trades that I took.. none of which were sent to the Forexinsightsuk telegram group. Therefore I was aware of the risk I was taking and I was happy to win or lose on these trades as I only risk 1% of my capital.. so no biggy. And that’s ok Im not overly keen on the idea of you following me anyway, So good shout.
Reply
lol another oneeee
+2 Reply
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