jevanss25

GBP/JPY - Big Move coming but please WAIT

FX:GBPJPY   British Pound / Japanese Yen
136 views
2
GBP/JPY

So, JPY is getting hammered today and the Pound is having a solid day so far.

The pair is fast approaching a key zone of Resistance (139.250 area)

As per the chart, price has been rejected from this area multiple times (which would suggest a short) - but as the saying goes 'triple tops rarely hold'

I feel it is a little too early to say what this pair will do just yet.

Personally my preference will be to enter a small short @139.250ish TP = 138.025 / SL= 139.590 to give a RRR of 4.10
If we get stopped out that is fine, we will then look for the bigger move to the upside if price breaks through the support in a more solid manner.
Comment: I hope you all took this trade! Worked out beautifully so far, Im probably going to take partial profit here, as I was able to enter the trade a little higher than expected (139.324)
Comment: It was giving an error when I was trying to update earlier - so I posted a comment -

back in the trade now at 139.525

Comments

Sorry- Realised this trade was posted on the daily time frame - which doesnt really show the price movement yesterday.

I took partial profits as above and moved my stops to break even overnight and subsequently got stopped out!

I am looking to do the same as above today, first I am waiting for the 9am candle to close - market more volatile earlier in the day - I am using a tight SL so dont want to risk being wicked out.

I will aim for;
Entry @ 139.525 - .575
SL; 139.825 keep SL very conservative as if this moves to the upside it'll likely go to 142!
TP1; 139.20
TP2; 138.97
TP3; 138.7
Tp4: 138.5
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out