Gj Reversal Zones

[bigbax699]

Well well well, GBPJPY has certainly moved well recently. It seems I am updating a lot on this pair recently. But it's with reason as we have had significant movement to report. Last time out we were looking for a pullback to the trend line and confluence of the demand zone created for another entry, but as we can see price had other idea's. We have had a huge push with GBP past couple of weeks. Currently we are 725 pips in profit for a return of 1:10 almost. Tp2 is not too far away, but I think we may get a pullback from here, just look at the Macd below. The strength of the last move to the left compared to this current move, 3 bearish candles along the way, whereas last time there was not one in sight. Remember to secure the bag, move your SL up into profits, I have secured 400 pips (yellow line). Let's see how this play's out for the rest of the week. GLIYF

 

[sebking1986]

I honestly expected a retracement after the first TP was taken so this has gone really well for you. Shame there wasn't a chance to scale in a bit more.

 

[bigbax699]

Good morning all, recapping on GBPJPY today incase some don't watch my video updates. Our buy trade on GJ has hit TP2 supply zone , literally by a couple of pips so that's a return of 10.5 R:R with a haul of 800+ pips. If you had a physical TP in place I hope it was hit, or that you closed it manually as it touched the supply zone . Not a bad result to start the year off with. We have some GBP news this week so I expect that to be the catalyst in the next movement for this pair. I'm looking for price to pullback to the demand and trend line for continuation on another buy. Will update again after the news to see where we are. GLIYF

 

[sebking1986]

The last trade was excellent! Personally I would be looking at areas deeper than the trendline to retrace too but can see why you're looking there. Perhaps I'm just greedy!

 

[Treacle]

Could be a volatile week in the UK with Boris on the brink.........

 

[bigbax699]

Good morning all, I have taken a buy on GBPJPY again. I closed my last position after the double top . We have seen price move down and touch into the demand zone . But as we can see we have had a couple of rejections from this zone. So I took the buy on today's candle open after yesterdays rejection wick again. Looks to me like the bull isn't finished just yet. Small position for this entry, i will look to stack another entry if we manage to break above the supply zone ahead. After the huge return on the last trade we can afford to try this position without the fear of FOMO costing us. GLIYF

 

[sebking1986]

I like the idea of it continuing bullish but I look for deeper retracements personally for bigger discounts.

 

[Treacle]

Great time to by GBP. Economy outperforming most others atm

 

[bigbax699]

Last trading day of the week today, unfortunately ending it with a SL hit on GBPJPY . But that's ok as I knew it was a trade on the riskier side of things. Ideally it is usually better to wait for a deeper retracement in the pullbacks, but with JPY pairs you can never really tell as they are a risk on/off asset, so unless you try your idea's you will never really find out. That's where our risk management comes in to play. Anyway on to the next setup. The next point of interest is at the demand zone here which pushed through previous supply. With a confluence of the moving average for dynamic support, we could look to possibly buy from this area. Wait for our signal candle first as always, as it's still possible we could re visit the big demand zone below to complete the M pattern. Will update again once the position becomes viable GLIYF

 

[sebking1986]

Can't win them all and still 6% up net on this pair last 2 trades! Funnily enough my eye is on 2 zones between the ones you have marked out!