Gj Reversal Zones

[bigbax699]

Good evening all, markets open again soon. Having a look on the GBPJPY buy trade. We have peaked at 300 pips profit on this setup so far, but we have seen a fall back in price. This is why GJ is my favorite pair as it always presents tradable setups, depending on the way you trade. We have been bullish on this pair since last year. We peaked in May of this year at 156.13. Since then its been slightly bearish but mostly sideways action. Still easily tradeable in the way we trade our setups. BUT I think soon may come the next good medium trend move, price is getting squeezed into the corner of this big bullish channel and the downtrend we have been in since the peak. Keep holding the position for now as still in profits, close some of the position to secure some profits and lets see what's to come next. If we break below the channel and demand zone then its selling time. If not ill continue buying at the strong area's. GLIYF

 

[sam.peters]

Got shorts at the ready, 145 area seems very possible over the next couple weeks.

 

[Treacle]

Is creeping up slowly again now. I'm with the buyers here

 

[sebking1986]

The easier highs are above it but I always look at equal lows/highs as a liquidity target so not an easy one to call at the moment.

 

[bigbax699]

Good evening all, thought I would update on the GJ buy we are in. Last week was very good for our position as I thought it would be. in total we are in 330 pips in profit on the position, with this week alone bringing in 230 pips alone, which is pretty good. BUT yet again we find price has met the supply zone which has caused price to fall back on the previous trades. So I urge to watch what happens on market opening and the first day of trading this week, as we could fall back again. If not and the bull is here to stay we are looking to break the supply zone to the upside for continuation. Keep holding for now but keep watch the beginning of the week, enjoy the rest of your weekend, GLIYF

 

[JimmyRozza]

I will enter the retest with a nice tight stop. Love these kind of set ups!

 

[Jim B]

Nice work on the 330 pips mate, I’ll keep an eye on it this week, and see where it goes.

 

[Treacle]

Shot up today, caught me out there.....

 

[sebking1986]

JPY is in the toilet at the moment so I think we are heading for the 155 area and maybe beyond.

 

[bigbax699]

Good morning all, what a week we have had. Began the week with a TP hit and also ending the week reporting on the TP on GJ being smashed through. I have been buying from that demand zone multiple times. We have had some good trades from in over the past few months, I always thought we would get the break to the upside, and this week it happened in style. Currently we are 713 pips in profit on this setup, TP was just over 500 pips, where I did close some of my position just incase and left the rest running, which I am glad I did and I hope you also did too. Price has found itself at this supply zone from 2018 so I think we may see a pullback in price from here. Keep holding for now and ill update again next week on the next move, enjoy closing some profits for now. GLIYF