Good evening all, markets are back open. Looking back on GBPJPY setups. We last saw a drop through the trend, but then we got a re-test and dropped back down to the demand zone . But price has made a lower high and a higher low which means there's no apparent immediate trend. Which comes to us trapping the market into a corner and letting the breakout guide us with the direction. I'm hoping of a drop to the demand zone below before buying in again. Mark up and watch for now it may come this week. Have a good trading week all. GLIYF
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
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
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
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
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
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
Good evening all couldn't sleep so thought I would have a look through the charts. Time to update GBPJPY , I have closed my original entry for profits as the swaps were building up. But I have kept my second entry open and I have moved my SL into the line you can see on the chart which is just over 1:1 R:R (140 pips). Price has met the downwards trend line and fell back. BUT I don't think it could be over just yet there may be a fight to come to break above. currently 280 pips ish in profit so you can secure how ever many pips you want if you followed along with me. We could make a higher low still and make another push to break above. But at least secured two bags of profits so will let this one run. GLIYF
Good morning all, back onto GBPJPY today and updating what I did on this pair. As my last post on this pair I said if we break this trend and drop its possible that we could fall back to demand. Well we got just that, I has my SL at the point where you can see on the horizontal line, but after the second bearish daily candle I decided to close my full position for 227 pips. Obviously we had a lot more profit but I was hoping for the break upwards, so good on you if you closed earlier. But what next, well we are currently sitting right at this strong demand zone again so for me its rinse and repeat. If we find support here at this demand zone I will buy again back up, we are also being cornered into the corner with the corresponding trend lines so I still think a break above is on the cards. GLIYF
Hello all, back onto my favorite pair today GBPJPY . Ive entered a buy again, very similar to the last trade setup. But this time I am going to aim to take profit if price meets the trend line . Or at least close half of the position just incase we get the break above and continue. We were watching this demand zone and its virtually the same setup as the last trade so should of been easy to take. GLIYF
Farm Yard Forex
Well-known member
- Messages
- 395
- Likes
- 135
Depending on where it hits the TL you're looking at at least a 2R trade so not bad if all goes well!
Good evening all, update on the GBPJPY buy trade that was taken. Again we find ourselves in a similar position to the last buy we bought from the demand zone below. Currently 250+ pips in profit on this setup. But we find price now meeting the down trend line . Price is trading above the moving average, albeit sideways so that isn't as big of a consideration. I would like to see price break and re test above as normal for a continuation. I would suggest locking in at least 150 pips profit where I have the ray line drawn out, just incase we see price drop back again. I do have a feeling we might see price visit the bottom side of the big ascending channel we are trading in from the bottom. Hold for now and secure the bag. GLIYF
Good evening all, the markets are open for another week of trading. Hopefully GJ will move into a setup we can take. At the moment its currently at indecision. As you can see from the past week we moved in consolidation under the trend line , price did move above but ended up closing below. Currently sitting above the EMA and looking like we may break above very soon. Looking for a break and re test setup this time on GJ. Either of the trend lone or if we break the supply zone . Ideally id like price to come back to trend and demand for the buy again but will take what comes to us. Mark out the zones and keep an eye out. Ill update again if I enter a trade. Have a good week all GLIYF
Good morning back on my favorite pair today. Last time out price was looking like it was about to break above to continue the bullish movement, as we were looking for a break and re test. BUT look at what has happened, price literally visited the supply zone and dropped like a stone. IF you had the zone marked out and was a daily scalper you could of caught that move easily. But as im intraday to long term trader I am looking for buys. Which presents us with the opportunity to buy again from the strong demand zone we have previously bought from successfully. We will also be getting to the squeezed point in this downtrend in the bullish channel . Which excites me as we may catch a big move with a buy from this demand. So keep your eyes out in the next few days, once we hit this demand get ready to buy. GLIYF
Good morning all, back to my favorite pair today GBPJPY . Price has seen a dramatic fall recently. But look where it ended up. At that nice big strong demand zone . I actually took a buy yesterday on the lower timeframe's as there was divergence. Ideally you could wait for this daily candle to close bullish to enter but I am already in. Little riskier so I have set my SL to BE already. I still believe we will see that break above, the trend line has been tested many times now and the last time it did break through but fell back. With this squeeze into the corner I think we may see that break above. I could be wrong but that what im placing my trades on. GLIYF
Good morning all, new week begins. Checking back in on the GBPJPY buy trade taken. Previously I had moved my SL to BE and price revisited and stopped me out. But I managed to enter again at a slightly lower price. All good as I believe in this big demand zone . Price found support and we have moved in our desired direction yet again on this pair. Currently sitting at 264 pips in profit of a R:R of over 1:2 currently. Risk free trade yet again and moving nicely. Price has breached the trend line so im hoping this will be the break above I have been waiting for. Hold for now GLIYF
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
Attachments
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
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
Similar threads
