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Looks like GBP/JPY has hit resistance and could fall in price, look out for confirmation. This is supported by the recent high RSI levels.
Click like if you agree with this idea!
EUR/JPY has been in a wedge since 21st September and I have been studying this pair a-lot over the last week, A possible retest of the of the 200MA then a drop towards target 1. They is been a big selling market since the 21st of september and we are seeing the response in the market now. 130.208 is a small resistance so if we close above retest will happen.
GBP/JPY has shows some strength last few days but is looking to retest the Green Box area before pushing past 150.000, Ichimoko has been called back in and is in the green zone looking towards the bottom of that zone.
//Trade 4 (Idea)
This is documentation for my personal use. Please do NOT take trades without your own analysis and management. Feel free to comment and add your own thoughts.
Weekly weak closure, bearish daily. Will be looking on intra-day TF's for perfect entry for swing.
We have closed our GBP JPY Long position +150 pips and have now sent a short signal to our subscribing members
The Formation of a very bearish set up of a double top and a shooting star has given us confluence to short
The London FX Club Traders Team
+510 pips this week
Potential sell on GBPJPY
Rising wedge pattern, waiting for price to break lower trend line before going SHORT
GbpJpy - H4 chart - Expecting a dip in trend due to oversold conditions
So I have drawn my trend lines on a 4H chart, and then drilled down to the 1H time frame and drawn some S/R lines and a zone and I have seen that the trend lines hit a point, so thus had I entered the market where I have drawn my short position, i would now be in positive pips.
Taking a step back from the intraday/intraweek stuff here and looking at a longer term position idea on the GBPJPY. If we close out this weekly candle below the trendline then I would be looking for this pair to continue on a bearish move towards the potential target area on the chart between the 50% & 61.8% fib levels. Righ where we intersect with a monthly ...
Who else caught the swing of GBPJPY earlier in the week? Nice little setup down to the 147 level
We could look to enter short at a 61.8 fib retracement of the latest outside return, which would be an aggressive head and shoulders short entry. We would set targets at the retest of the neckline and could shoot for extended targets at 151.350s due to fib confluence, and a harmonic move down from previous impulse leg. A good safe stop loss would be set above the ...
Expecting GBPJPY to fall over the next week or so. Could possibly see it reach 150.00 first which is a previous area of resistance. Should we get triggered in I would hope to see this reach around the 147.000 level long term
Potential Bearish Bat Pattern Forming
Entry @ D-Completion (149.566)
Target 1 @ .382 (148.564)
Target 2 @ .618 (147.945)
Stop Loss @ 1.13 (150.289)
Please make sure the rules for entry match your trade plan
Can we break this key area and carry on with some more bearish movement? Couple of possible targets ahead if we can
Low Risk entry.
Wait for the PA to get a bit of momentum and short at the retracement.
i do not usually share this kind of setup but i've thought it could be helpful to some of you. On this chart you can see a flag pattern that's been setting up on the hourly timeframe. This happened after that a support was broken by price action, creating the conditions of a downtrend: we cuold, as usual, wait to see price coming up to retest our broken ...
GBPJPY - Will either rise a break the previous highs then drop or play the weekend rise. Where it will rise above the opening.. consolidate. If this happens we won't wait and short it during the Asia session