GBPJPY Bull

[bigbax699]

Good saturday folks. Hope your trading week was profitable. Should of been if you took the GJ profits. Was a good time too as weve moved sideways this week. i think its getting ready for the next push upwards. Price has held strong right on this support shelf, not even wicking below. Two positions available for me, one is at current price but a little riskier as we havent broke above the primary long term uptrend, but offers more R:R. The next positon would be absolute prime entry, break back above the trend, witht he confluence of the retest, the 0.5% fib and 136.000 support level . This would still offer a good amount of pips with a little extra confirmations. GLIYF

 

[bigbax699]

Not looked at GJ for a while. Price has came back from the underside of the previous uptrend that was broken. We have dropped a little in price but it seems to have held on the .681 fib level. i think if we break above this short downtrend and above the 50% fib then we could be back in business for a good bull. im currently in a buy personally as i got a fairly tight stop loss. But my ideal time to buy would be to break above one of the two mentioned levels or defo back above the previous strong uptrend before the virus hit us. GLIYF

 

[bigbax699]

GJ has been a little hard to read for me recently. Its in an area of either a pullback from the higher TF's but also giving signs of a bull trend. Now recently we had a small bearish price action but as you can see the .618 Fib has held on multiple occasions. Seems to be a strong area of support. So if it holds then my thoughts are to a bull. But i think we have to wait and see on this one. Wait for the break up or down that will tell is the most pressure to buy or sell. The buy will give us more R:R as theres alot of room to move into. theres alot of traffic to the left going down and naturally GJ belongs in the 140's+. wait and see for this one. GLIYF and RM as always

 

[bigbax699]

Looks like GJ has been ranging for a while now before its next major trend move. Since we last looked it was just under the trend and i was bullish , we got that movement to the top of the range, but since we have moved back down. But will this time be more powerful with the break and retest of the trend and also in conjunciton with the fib level too, will this be the catalyst for a nice push upwards? Lets wait and see, but ill be buying in the yellow circle area with a small stop. GLIYF

 

[Nnn.h]

I agree with you. i also see the bulish trend on gbpjpy. i think it'll rise up to the level of 133.654.

 

[bigbax699]

Well today im reporting on a stop loss hit. JPY has gained alot of strength recently and we see drops on jpy pairs across the board. Its possible i might of entered too early for my idea of a long trade. I will know what the true direction is over the next couple of days what happens to price round this area. i still think this is a retest and we could see some upwards movement from around this area, i just got in too early. Doesnt matter though as thats what risk management is for. We just move onto the next trade. ill be looking to buy still but i will wait for a confirmation of support first this time. Lesson learnt again. GLIYF and RM as always

 

[bigbax699]

Last time i got stopped out on GJ, but were back looking at the next option again. Looks like price is rising slowly into an ascending wedge shape. Id like it to move sideways and maybe gather demand at the support section to the right. Looking for the push up. Then the next major zone im looking at for buys is back above the longer trend on the .382 fib. Thats when i think we will see some more big bull movements. Maybe the UK getting through the pandemic and opening up the economy might give it that push. Look out for it GLIYF

 

[bigbax699]

Well in recent times we have seen GJ drop like a stone. i guess in my hopes i was looking for the bull to return, but the bear was too strong from the higher time frames. In these markets i dont sell at the bottoms i look for buying opportunities. So on to next wekk and what i will be looking for. We are approaching the imminent support level , albeit a small one but in conjunction with the .618 fib. Ill be looking for exhaustion in price around this level for a turning point to get in a buy. Or will we see it drop further to the strong demand level with the .786 fib level, or even still a great double bottom on the 124.000 price. time will tell, keep your eyes peeled this week. GLIYF

 

[ScottHughes]

It's down at the lowest support but showing no signs of stopping or accumulating price here yet. Give it a few days of indecision then you may see a long position arrive for lots of pips