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...
After a pullback on GJ ill be looking for a LONG position to take out these levels in the market.
🔹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
GBPJPY Has been a great pair for is to trade on the LONG side over the past few months.
Our CURRENCY HEAT MAP has kept us from selling any GBP.
JPY has consistently given us a SELL BIAS and so pairing up these two majors good opportunities have been given every WEEK to BUY GBPJPY
Check our previous ANALYSIS on this MAJOR & see how we did for yourself.
I CAN CURRENTLY SEE DIVERGENCE ON RSI BUT I WILL BE WAITING FOR D TO COMPLETE TO CONFIRM DIVERGENCE.
FIRST TIME PRICE IS COMING BACK TO THE DEMAND ZONE SO EXPECTING PRICE TO BOUNCE.
COULD WAIT FOR A TRENDLINE BREAK TO CONFIRM THE REVERSAL.
IF PRICE BLOWS PAST THE (X) & CANDLE CLOSES THEN BAT HARMONIC IS INVALID
HAPPY TRADING TRADERS
As I have already had a very good day, I decided when GJ broke resistance to use the 15m timeframe for confirmation, the reason being I had a lot of profits to use as leverage.
When support formed on the 15m, I took a buy entry as the new 15m candle broke the high of the previous candle, with stops below that candle.
As price went up into 10 pips profit, I...
If we close above 136.845, we can look for a wickfill towards 137.000 and then potentially targeting 137.150. We need to close above and form support on lower timeframes for safer entries.
This would be a quick scalp
I had already highlighted the two potential setups, buys were preferred as the traffic above to the left was much cleaner to our target at the next resistance zone.
Price broke above resistance on the 30m timeframe and before entering, I waited for support to form on the 15m timeframe.
Support then formed so my next job was to wait for a confirmation for my buy...
We are trading in a 25 pip range, as we know it is not a good idea to trade in an Asian range.
1) If we get a clean break of 136.365, wait for support to form on lower timeframes before looking for buys to test resistance at 136.750. It is a good sized range to fill with clean traffic so buys are preferred if an opportunity arises.
2) If we break support at...
As price broke resistance we took buys on the retest using half risk as a solid support didn't form, our stops were below the current 30m candle. Price ran for 10 pips before we moved stops to BE, price retraced after 11 pips stopping us at entry.
Price has been consolidating in a very tight range after breaking a channel illustrated clearly on the chart, arguably forming a bearish flag which may break down to entirely break structure offering profitable short positions. Furthermore, the 200EMA on the hourly chart (and daily) is showing bearish momentum. Alternatively, price is rejecting this lower...
The market is in an acending channel, with price showing strong rejection of the lower bound of the bullish channel. The downside potential of this market, is relatively low ceteris paribus, as the market would have to break structure to form a new price level below the current channel. The price has shown rejection at 3 key levels, indicating a three phase...
Here is my prediction for GBPJPY for this week, with the UK economy set to open later on this week, i believe the market will move itself higher in order to kickstart a uptrend before next week when the UK economy will be in full flow.
However before rising i do feel that GJ will touch/kiss 131.500 before then shooting back up to 133.000. This will be a good...
Probably like a lot of you..
Ive only been trading for about a month, since sitting at home and getting bored pretty much. But i didn't just get into this without knowing anything,
I done my research and took my notes (Didn't buy a course/ don't have a mentor) - Had my first profitable month and also blew my account. All so quick eh?
What can we do?...
So This Is One Of My Favourite Pairs.
It's Also The Pair That Blew My Account Last Week.
Now GJ could go one of many ways this week. Let me give you my analysis for this pair.
This upcoming week, retail stores and major brands will be reopening from Monday, this may increase the value of the pound and get it back to a position it was before a lockdown was...