GBPJPY Bull

[bigbax699]

Its the weekend so time to reflect back on the trade opportunities from the previous week. On Monday i gave the sell call from 144.596 clearly on my chart. I was looking for the short down to the blue circled area of about 300 pips to the bottom of that channel to the .618 fib. Now just because it reached there doesnt mean you just instantly get out of the trade.
To max profits you should leave a runner position open and either close on price reversing, or bringing down your stop loss to get stopped out. Well with these markets the past week the moves across the board have been INCREDIBLE, Huge move happening, GJ just kept dropping and dropping thanks to Nikkei falling and the corona virus. Finally price got down to 700 pips, thats one week from monday to friday on one pair.
This is a lesson to everyone how to earn maximum profits from your trades and to leave an extra position open as a runner or close half of your initial position. Tomorrow i will look at a pair that didnt go as expected. But this GJ of a potential 1:10 R:R was awesome

 

[Madalyn]

All going to plan, great analysis

He does seem to know what he is doing!

 

[bigbax699]

Today were looking back at our friend GBPJPY . One thing i love about GJ is that it respects Fib levels alot . Since the corona virus outbreak we had the massive drop happen. We got held up at the 0.382 fib, touched back up to the 0.5 before the next drop . the 0.236 level co insides with the primary trend, in which it looks to have held well and we have rejected from that zone. i think we could possibly visit the 0.382 for a touch before we revisit the primary trend again before the next move upwards. If the nikkie index holds up and starts to make some ground back up then GJ will also move up, Japan have the olympics soon so they wont want it all doom and gloom for that time. Stay safe currently the markets are wild still and big moves are happening, use risk management and you can catch some good pips

 

[Sammy colt]

I can see the Olympics being postponed/cancelled tbh, I guess there is a fair amount of time for the coronavirus to run its course before then though.

 

[Madalyn]

ok so fib levels on this chart then

 

[sebking1986]

Broker below the trend line yesterday and now sitting right back on it and the 0.236 fib today, possible as resistance. Could be a retest before going short further

 

[bigbax699]

When i last analysed GJ we had bounced off the primary trend line and heading back up to the 50% fib level. It did just that and came straight back down. Now i was looking for GJ to hold its primary trend and make another bounce upwards, but a tthis time the world health organisation declared the corona virus a pandemic. So no Bull to hold in JPY pairs, back it came crashing through the long term primary trend for the bear to be declared the winner. As lons as this virus goes on then i think selling JPY pairs is a safe bet. i will be looking on any pullbacks towards the .382 fib level and retest the underneath the broker trend to sell it all the way down back to the bottom, will it make a new yearly low? who knows, all depends on the virus affects. GJ belongs in the 140's in normal circumstances, so once this is all over we will have a nice bull run if economies get back to a normal state, but until then the bear looks to be in play now

 

[bigbax699]

Since i last looked at GJ i was looking for it to hold at the previous low for another swing upwards. It didnt quite hold instantly but as price closed below, but straight away the next day we surged back above the 127 level. Closed above and 2 bullish days kept it alive. currently on a small bearish day candle but price is getting squeezed into a corner, ive included the 4H chart today to look at current price action and as you can see we are making higher lows. We just need price to break out this little squeeze to make a new higher high then we could be on for a nice little bull push for some pips. Obviously the break below isnt off limits so watch out and be careful. i think i will wait for that first higher high then buy on the next pullback, as if a bull is real there will still be plenty of pips to be had. New week begins lets make it a good one. GLIYF

 

[bigbax699]

Well revisiting our friend GJ from mondays analysis. I suggested a buy for some at the price of 128.200, ive included the chart form monday so you can see, and what do you know we are at wednesday and we have gained over 500 pips. So well done to anyone who took the advice and made that amount of killer pips on whats only been two days essentially. As i thought what would happen we have created a new higher high. Ill be looking to buy on the next higher low made in price for another push higher. But as we know the world is in a mess right now so risk management is a must in these conditions. Trade safe GLIYF

 

[bigbax699]

If you follow my setups and charts then youll will of seen this week i concentrated mostly on GBPJPY . We visited it a couple of times as i was looking at the buy from previous areas we bought from before. i first looked for the buy at 128.2. We got the first part right, and now i will blow my own trumpet as each level and each one of my circles was hit perfectly. Check the previous charts and youll see.
If you bought on the original call then you will be 640 pips up this week. If you waited for the breakout and bought at the support from the first blue circle then you will be up 388 pips this week. Both with good R:R and tight stop losses. Price hit the aim for the top blue circle so good time to take profits. The next trade i will be looking for price to break above the blue circle then come back for support again for another push. Same as previous levels. Not a bad week from one pair at all. Enjoy the rest of your weekend