Gj Reversal Zones

bigbax699

Corporal
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35
Good evening all today we have seen some big movement on safe haven currencies, especially JPY pairs. GJ dropped down as I was hoping it would. Price touched the demand area I want to buy from. So I thought I would bring the chart back pout to the weekly time frame to show why I want to buy form this demand area. As you can see we are in a nice clean bullish channel . Price touched long standing supply zone and dropped. But I believe we will break above in the near future hence why id like to buy form this demand area. I would like to see price settle and find support around this demand zone and then hold a buy up to 161. Long trade plan for this one. mark it up and be ready. GLIYF
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bigbax699

Corporal
Messages
35
Good morning all, last time I gave out on the weekly chart, the setup for GBPJPY it was a very quick movement, I missed the reversal right on the demand point but entered slightly higher on the way up. Currently 140 pips up on this setup. The bull still seems strong in this trend so I can see it progressing further up. If you missed the first entry area's then I would look to get in on the break and retest of that above trend line . The first target will be the top of the ascending channel . Then if it is still going strong the supply zone further above. I also think that will be the determining factor in the strength of the bullish trend we have been in. One to watch GLIYF
 

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bigbax699

Corporal
Messages
35
Evening all, markets open again son so looking back on the GJ setup. Price has fallen back to my entry zone I took last time out. But I still believe in the weekly setup I posted a few charts ago so I will be extending my Stop loss as I think we may get another fill of the demand zone below before another push upwards. Now is your chance to enter the trade this week if you missed the last time I posted. But i would wait for price to find some support first before entering. Should be fairly easy to take mark out your zones and wait for the reversal signs. Have a good week all GLIYF
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bigbax699

Corporal
Messages
35
Good evening all. Thought I would update on the setup I gave out last time on GBPJPY . I was already in a position but was holding it long term as I had a feeling we would re visit the demand zone below before we had another push north. we certainly did get the visit to demand with the impulsive candle piercing the zone. If price closed below i would of closed my position, but as thought we got a lovely big wick out and the daily candle finished with a nice hammer . As i said to watch out for this area that daily close candle was your signal to buy. I hope most of you jumped on a position as you would be 190 pips in profit currently. You could move SL into profits to secure some pips as the next part of the trade is crucial to the bull. We need to see price break above trend to continue, or I fear a lower high to be made and maybe a push back down again. Either way be ready to secure the bag some more or look to stack on the break. GLIYF
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bigbax699

Corporal
Messages
35
Good evening all, markets are open again. This week should tell us more on the GBPJPY buy position we're in. If the bearish trend is to continue then the high that has just been created will be a lower high. Then we should expect a lower low to be created on the next move down. But my suspicions is that we may see a higher low created and then a possible change in trend bias and break to the upside. Keep an eye out this week for the movement on this pair. Move your stop loss to entry or in some profits just incase we do see a drop back to the downside. Wil update again in a few days. GLIYF
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bigbax699

Corporal
Messages
35
Good morning all, just a little update today on the GBPJPY buy position we took. We created an equal high to the previous lower high that was made. Now it looks like we could have made a higher low from the low that was made in price. This is where it think is vital for the buy to continue. We could see price start to get squeezed here into a corner. currently we have a nice bullish push on todays candle so if it continues its possible we could see a break above. Let's keep holding for now, if we break down we can close in profit. If we break above we can continue to hold for more profit. GLIYF
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