Daily GBP/JPY analysis

Quoting yen2trade

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May I inquire to which ZUP you are using here

Thanks

yen2trade

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Quoting MKTrader

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Hi,

I'm in here for new forecast about of Gbp/Jpy as long-term again,
Some members in FF know me i just trading on long-term and my forecast have good accuracy.

Now i like share my position with you:
Buy Gbp/Jpy
Tp1: 239.00
Tp2: 241.50 ~ 243.00

My strategy is same as old i luck first +50 and i open new position weekly.


I hope you can make pips.


With all the best for my friends.

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Quoting Zoran

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I'm thinking once we break 222.8 then the long should be good. First target is around 224.00, second around 228.00, third around 241.06 and then the final target around 244/245. I'll take some off at each target, re-enter on the bounce and adjust stops (to lock in more profit) once it breaks.

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Quoting Zoran

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Just a quick update. We have reached first target at 224 and now approaching the second target at 228 (off the reversal from 221). I am expecting a bounce around the 228.00 area back to the 224.00 area. This may in fact happen twice before breaking 228 and heading for 231.5. At that level I expect a large bounce back to possibly the 224 level again.

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Quoting MoForce

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I completely agree! I'm expecting the bounce anywhere from 228.00-228.30 and if G/J manages to break that (which I highly doubt for today) then I'll stay bullish

Maybe the news will help G/J to spike up to 228 and from there fall

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Quoting Zoran

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Looks like a strong uptrend so this could go straight up to 231.5. As explained before, I will bank something at each target and re-enter somewhere lower should the opportunity arise. Progressive Stops (to lock in profit) also get adjusted on the remaining entries.

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Quoting MoForce

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I'm still aiming for a good retrace first before adding to my longs

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Quoting Zoran

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It looks like it's on its way. Overshot by about 100 pips but that's still within range. The uptrend was strong yesterday for some reason.

I'll be looking to reload longs now but keep in mind that these are lower risk (from my view) as the entries were made at 221 and taken off at 228 so I can hold on the retrace for much longer and still be in profit.

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Quoting sony

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This is time for longs..?I missed 5 minutes and lost a lot of pips now...

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Quoting Zoran

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Not necessarily, this is the point I'm trying to make. I entered long at 221 and banked some at 224 (1st target) and re-entered lower down. I then banked some more at 228 (2nd target) and now I am going to start re-entering and adding down to 224. This is low risk for me as I am already in profit and progressive stops are set to keep it that way.

So in effect (if you visualise it), the difference between the target and re-entry is what I keep. I also keep the difference between the original entry and the progressive stop level otherwise everything else is still at risk. Eg. Entry at 221.50 and banked at 228.00 = 650 pip profit but re-entry at 226.5 = 150 pip profit and 500 unrealised (and still at risk). Also, entry at 221.5 with progressive stop at 222.5 is 100 pips (unrealised but locked).

Now I expect this to continue north until at least my third target (231.5). Going back to my example (entry at 221.5, exit at 228.00, re-entry at 226.5) means I get an extra 150 pips as it reaches 228.00 again and continues further. So although I may call a 1000 pip move, in reality that should potentially be more.

Though entering long is low risk for me, anyone else coming in now has a higher risk. Most of my risk is taken at entry and most of my analysis is to determine that entry (or reversal) point - in this case I called long in the 221/220 region (with TP on the shorts from the previous call).

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Quoting Gnat

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Moin Zoran!

Very safe and sound! I definitely like that reasoning. One question for me to understand: Why do you realise the profit on a part of your position when you reach the first target (224) and the move still has enough steam to reach your next target (228 area)? It would make your position even safer to stay in (on this particular move that is).

Thanks for your thoughts!
Gnat

(Long from 221.70 & 224.75 but too small, buaehhh)

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Quoting Zoran

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The risk is that I am attempting to pick reversal points and that is not so easy. However, I am almost guaranteed a bounce of some sort so if I am wrong at least it's still profitable. The first target is my protection and generally has a high probability of printing.

The idea is to take profit on my most vulnerable entries and to set pro-stops to B.E + 1 on the remaining. The difficulty here is to determine when and where to set the stops as the initial reversal is normally a bit bumpy - so I'm looking for reversal patterns (on lower timeframes) to confirm. In the last setup, I annoyingly had one entry stopped for +1 pretty much to the pip as price went from 224.8 back to 221.8 (on a DOW selloff).

So to answer your question, it's there for protection and so that even if my analysis of a reversal is wrong, it should still be profitable.

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Quoting Zoran

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The risk is that I am attempting to pick reversal points and that is not so easy. However, I am almost guaranteed a bounce of some sort so if I am wrong at least it's still profitable. The first target is my protection and generally has a high probability of printing.

The idea is to take profit on my most vulnerable entries and to set pro-stops to B.E + 1 on the remaining. The difficulty here is to determine when to set the pro-stops as the initial reversal is normally a bit bumpy - so I'm looking for reversal patterns (on lower timeframes) to confirm. In the last setup, I annoyingly had one entry stopped for +1 pretty much to the pip as price went from 224.8 back to 221.8 (on a DOW selloff).

So to answer your question, it's there for protection and so that even if my analysis of a reversal is wrong, it should still be profitable.

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