Just providing an update to my swing trade:
I've been holding since last Monday and i've got one position still running as the other one hit TP1. As you can see, we've broken 154.800 but GJ has gone up (this may be due to GBP strength as GU also went up, but it could equally just be a retracement). I shall keep this position running (SL moved to breakeven) and...
Managed to catch a nice 5.5RR on this pair today, decided to get in and out with the uncertainty of the pound.
Very simple elements:
Stop Hunt Fib
With a target of my key level (well just above as we don't always have to tap it exactly)
Should we see 148.600 break, we could see a massive drop off in price; which GJ is due to be fair.
Key turning point was the highlighted spike where price failed to breach the high and thus created the new trend. Pullback zone highlighted, sit wait and be patient.
I have charted up what I see on GBP/JPY. It looks to me like the previous high of this range was a 4HR institutional manipulation. This could have caused the large fall recently. I believe now that the pair is accumulating and institutions are beginning to take profits from their short positions and are allowing the price to return to the long range target of...
Potential Move to the upside for GJ next week
testing out a new strategy am currently learning and looking for an entry around this 1hr order block
🔹Disclaimer: This Chart set up is to be used for educational purposes only, this information is not a recommendation to BUY or SELL.
🔹Seek Professional Financial advice if you are going to invest or trade in the FX Market