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GBP/JPY

  • #2,221
  • May 21, 2020 6:55am May 21, 2020 6:55am
Quoting karmostaji
{quote} 4h candle close is a bullish engulfing and above the 4h resistance of 131.65 area, I'm expecting a retest of 132.40 area and hopefully a break above. My SL is already set at B/E, so I'll take some patience pills and relax.
This is H1 magic line. Good luck guys

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  • #2,222
  • May 21, 2020 8:54am May 21, 2020 8:54am

if GU manage to close 30mins or 1h above the white line I will SL my short position


if fail then its just a retest and we going down again

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  • #2,223
  • May 21, 2020 8:58am May 21, 2020 8:58am
GJ if close above this flag it will be bullish but below still bearish

this is what I want to see in these days

1.1818 is the target for my classic double top pattern
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  • #2,224
  • May 22, 2020 2:04am May 22, 2020 2:04am
Quoting karmostaji
{quote} 4h candle close is a bullish engulfing and above the 4h resistance of 131.65 area, I'm expecting a retest of 132.40 area and hopefully a break above. My SL is already set at B/E, so I'll take some patience pills and relax.
Got stopped out overnight for 20 pips.

Not bad of a week, I'm done for the week
Trade what you see, not what you think.
  • #2,225
  • May 22, 2020 2:16am May 22, 2020 2:16am
Quoting msniper
GJ if close above this flag it will be bullish but below still bearish this is what I want to see in these days 1.1818 is the target for my classic double top pattern {image} {image}
I moved my GU short SL to 1.2220 so no risk yet

lets see if this will drop or bounce
  • #2,226
  • May 22, 2020 2:35am May 22, 2020 2:35am
GU is become risky right now 1.2180 I think it can push max 100pips down then will go up again I guess

same goes to GJ

maybe 130.50 or near 130 and then up again ?

lets watch and we decide
  • #2,227
  • May 22, 2020 3:59am May 22, 2020 3:59am
Quoting msniper
GU is become risky right now 1.2180 I think it can push max 100pips down then will go up again I guess same goes to GJ maybe 130.50 or near 130 and then up again ? lets watch and we decide
I have similar thoughts on GJ, we shall see next week
Trade what you see, not what you think.
  • #2,228
  • May 22, 2020 4:10am May 22, 2020 4:10am
cable still bearish one more down 100pips with this cup & handle pattern

so GJ should follow
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  • #2,229
  • May 22, 2020 4:27am May 22, 2020 4:27am
Anyone else worried it might reverse at 131 to 135. Seems like an inverted H&S on H4 to me.
Never let success get to your head because the market will punish you
  • #2,230
  • May 22, 2020 5:49am May 22, 2020 5:49am
Quoting reggiecjh
Anyone else worried it might reverse at 131 to 135. Seems like an inverted H&S on H4 to me.
with EURGBP breaking the up trend which last more than 3 weeks then yes selling GJ is risky unless u put SL at 131.80

a reversal can happen honestly
  • #2,231
  • May 22, 2020 6:33am May 22, 2020 6:33am
I exit my GU shorts

its being risky to short GBPs at the moment

I see a possible scenario for cable which means GJ might follow also
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  • #2,232
  • May 22, 2020 7:02am May 22, 2020 7:02am
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What I see. Dont get me wrong I'm a GBPJPY bear but sellers look exhausted at 131-130. Both don't look too good for us right now. Back to hibernation for me! (But before I do, let me buy some at 131-130.8 handle right now. Target is 61.8 or 50.0 fibo) Hehe
Never let success get to your head because the market will punish you
  • #2,233
  • May 22, 2020 7:22am May 22, 2020 7:22am
Quoting msniper
{quote} with EURGBP breaking the up trend which last more than 3 weeks then yes selling GJ is risky unless u put SL at 131.80 a reversal can happen honestly
That is the main reason I am hesitant to take shorts on GU.

The ascending wedge might play out on EG.
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  • #2,234
  • May 22, 2020 7:25am May 22, 2020 7:25am
Looking at the GU monthly chart, looks like a descending wedge is forming.

If it breaks up, we can imagine where pound us headed.
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  • #2,235
  • May 22, 2020 7:38am May 22, 2020 7:38am
Lots of patience required with geppy, good luck all
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  • #2,236
  • May 23, 2020 12:01pm May 23, 2020 12:01pm
Still short from the 12th looking for 123.123, I did take half earlier and used some of it to pay for a stop at 133.65 so the trade is free as long as don't get spread out.
  • #2,237
  • May 23, 2020 4:19pm May 23, 2020 4:19pm
Quoting Kuoppis
Still short from the 12th looking for 123.123, I did take half earlier and used some of it to pay for a stop at 133.65 so the trade is free as long as don't get spread out.

As long as we are making pips, that whats important. i have been shorting from 1st may and still holding. my target is much lower hopefully will hit targets in the next few days/weeks. i am a swing trader, don't do scalp trading at all. my geppy stop is at 132.50 now. will see how that works out. good luck with every trade and wish you all many pips.
  • #2,238
  • May 24, 2020 5:17am May 24, 2020 5:17am
Weekly - We had a retracement all the way back to 132.40 area and rejected.
Daily - After the last bull run of last week, price has retraced to 50% and daily support area of 130.80.
4H - Price is below 50ema, gann hilo and might continue the retracement to 61.8% and 78.6% fib levels (130.50 to 130 area)

I will be watching price closely between 61.8 and 78.6 fib level, if price finds support there then we will have a HL on the 4H TF and will be looking for reversal to the upside, if we get a 4h close below the 130.00 level then I expect a new low (128 and then 126.60 area)
Trade what you see, not what you think.
  • #2,239
  • May 24, 2020 2:43pm May 24, 2020 2:43pm
Quoting FXSal
{quote} As long as we are making pips, that whats important. i have been shorting from 1st may and still holding. my target is much lower hopefully will hit targets in the next few days/weeks. i am a swing trader, don't do scalp trading at all. my geppy stop is at 132.50 now. will see how that works out. good luck with every trade and wish you all many pips.

Ahh OK.
Pips are nice, trying to transit from scalping to something where I can look at the 1H chart as more than the main trend indicator myself, this trades positives, after the first day no stress, get to look at the 4H chart and go ahaa hmmm, the negatives are mainly boring and missing out on all the pips up and down on the way to where it is now but that again translates to low stress, I might want to try a slightly larger entry next time, then again boring trades might be just thing I need.
  • #2,240
  • May 25, 2020 11:18pm May 25, 2020 11:18pm
GJ H4 with minor break.
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