GBPJPY - Waiting for Bullish reversal

[shanmugapradeep]

Hi,
Over 3 days GBPJPY going downtrend. I have taken 6 BUY trade and it moving in -4000$ USD in negative.
Account size 50K USD.


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What should i do? should i close trade in loss or wait for reversal?

 

[shanmugapradeep]

Today it reached -$4900 in negative.

Account size 50K

Any suggestion?

 

[Pheniox123]

Today it reached -$4900 in negative.

Account size 50K

View attachment 66460

Any suggestion?

Hi there,

Hope the price reverses in your favour soon, what I think might happen (and again this is only what I think and please don’t think of it as anything written in stone or a direction to act on…only my opinion). I think it will continue to go south to at least 151.388 before a pull back occurs.

thanks
Pheniox

 

[shanmugapradeep]

Hi there,

Hope the price reverses in your favour soon, what I think might happen (and again this is only what I think and please don’t think of it as anything written in stone or a direction to act on…only my opinion). I think it will continue to go south to at least 151.388 before a pull back occurs.

thanks
Pheniox

As per my calculation my account size 50K USD will easily take load of 151.388 (GBPJPY), so better i should hold and wait for pull back in coming days?

I am worried about friday NFP which will create high fluctuation in marketing, as the news related to USD currency pair? Do you have any idea it will impact GBPJPY pair?

 

[Pheniox123]

Hi there,

I think it truly depends on what’s your take profit or break even level is set at. As the pullback might not be enough to reach the levels you came in at or even worse it might not happen at the level I am predicting. Are you manually trading or using an EA? The reason I ask is that if it’s an EA then please make sure you constantly monitor it and see what the end result the EA is aiming at…as regardless of how intelligent an EA is; sometimes you have to guide it along.

Finally, NFP anything could happen. For me NFP is the ace in the pack that whale traders use to do what ever they feel like.

best of luck
Pheniox

 

[shanmugapradeep]

Hi there,

I think it truly depends on what’s your take profit or break even level is set at. As the pullback might not be enough to reach the levels you came in at or even worse it might not happen at the level I am predicting. Are you manually trading or using an EA? The reason I ask is that if it’s an EA then please make sure you constantly monitor it and see what the end result the EA is aiming at…as regardless of how intelligent an EA is; sometimes you have to guide it along.

Finally, NFP anything could happen. For me NFP is the ace in the pack that whale traders use to do what ever they feel like.

best of luck
Pheniox

It EA but i do not trade 100% automatic. You can call it semi-automatic/semi-manual. I open and close some trade myself to avoid big DD, EA error etc.

I opened this trade because it was all day down touching support so i open lot 0.50 but it created new support and i followed martingale technique and like that open other 5-7 trade each with new support price 0.51, 0.52, 0.53, 0.20, 0.10 but it break all the support and going downtrend.

Today it touched -5000$ but now it around -3600$ in average.

I am holding the position and waiting for strong pullback because it reached weekly down and i hope it wont break new support line.

 

[Eliza_King]

Watching this one

 

[shanmugapradeep]

Today, there is a slow pullback. i manage to close trade in small profit or minimal loss.

Now it -1600$ floating in negative, waiting for upward.

 

[Pheniox123]

Hi there,

Hope the price reverses in your favour soon, what I think might happen (and again this is only what I think and please don’t think of it as anything written in stone or a direction to act on…only my opinion). I think it will continue to go south to at least 151.388 before a pull back occurs.

thanks
Pheniox

Not trying to blow my own trumpet here but it seems my predictions were pretty good. Shame I didn’t actually get on that trade (could have made tens of thousands if I did ).

thanks
Pheniox

 

[fxoday]

GBPJPY is one pair with high liquidity market, price movement above on average, the price not always will drop, there is a time till pullback, the current trend seems tendencies to bearish based on Mc Ginley indicator.