GBP/JPY

agreed, but the giant daily pin bar just before it makes me pause, even though we're in a huge uptrend.

I likely won't trade the actual breakout of the pattern, but rather the retests of S/R levels after.

Well, not sure if most who are reading this thread are scalping or in it for a little longer term, but if you look at what the price has done so far this week, it is clearly moving up (been moving up since last week). You can see the higher lows being made, and we are around 80 pips up for the week. H1 chart attached.

There is obviously resistance, more horizontally speaking and somewhat of a channel trying to move up.

But what jumps out at me when I look at a chart are all of the pin bars and engulfing bars on the bottom trend line. Shows a lot of buyers are ready to move this thing up. On the top, you don't see as much decisiveness to move it down.

Whatever happens will happen, but I don't see any reason to be in any short trades right now. My view is try to find out where most of the traders are, and do what they are doing. Safer that way. Trend is up for the week. Why fight it?

Of course the price could head downward, who knows? But that would mean there would need to be a reversal for the week. What is safer? Trading with the trend or trying to predict a reversal?

Keep in mind that rejections down from 178 and been relatively large volume.

So much uncertainty. It's so exciting!

I agree that could be a sign of future possible reversal. But I believe confirmation is needed for any sort of reversal with such a strong up trend, and breakout on the weekly chart.

Also, depends on if you trade the NY close charts or not. On my charts it shows up as an inside bar, so on daily we are still in consolidation.

Ha, ha, we can agree on that

Easy to over-analysize when you are waiting for something to happen, at least for me anyway...

Here's an H4 chart, and notice how many times the upper trend line has been broken, and a new one needed to be drawn.

Whereas the bottom trend line has continued for some time, while being respected and followed.

Many times in the past, I've noticed when this happens, whichever trend line keeps getting broken, will continue to keep getting broken For example, if price drops again, another upper trend line will be drawn. Will price touch down on lower trend line, and bounce up and break the upper trend line again?

Also, the repeatedly broken trend-line ends up being a huge break-out eventually... At least that's what I've seen happen in the past. It happened on the daily chart (also shown below) with this pair, which resulted in the huge break out we've been in for past week or so.

Also, I think above is typical with strong uptrends, as they consolidate, which is why I'm afraid to trade against them until I know for sure they are done...

Low risk buy opportunity, as price seems to be rejecting/bouncing off the bottom trend line it has been following...

H1 chart posted above. If you're risk averse you could put SL below the last hour pin, or under the prior engulfing.

But you'd need to watch it hour by hour, maybe take profit at the horizontal resistance. Of course, I 'm more long term, and looking for a breakout on H4 and Daily...

Im short http://prntscr.com/4rwho8

Also short EURJPY, http://prntscr.com/4rwi0g

Yeah I lied in one of my earlier posts.

I took a small long position at the spot you're talking about.

Watching it intently; will definitely sell back here soon if I don't like the way it looks.

Why do you sell ?

I'm thinking I will have time to write a book before GBPJPY breaks out. I think I'll call it 101 reasons to be bullish on GBPJPY

Here's another one...

When we had that dip in price on H4 chart on 9/23, it came right back up with a strong bullish candle, then proceeded to form a bullish flag (all together, 3 candlesticks form the flag pole). Since then, as you can see, the price has broken out of the flag. Problem is, the breakout hasn't been strong enough to eclipse the flag pole top.

I'll look for the the price to break the top of that flag, then I think we'll see the last daily high tested again.

Only way I'll admit I'm wrong is if we see an H4 close below the bottom of that flag, or if some other pattern emerges indicating a reversal. So far, bullish until proven otherwise

Also, when a breakout of a flag formation is not decisive or conclusive, many times the pattern morphs into a triangle, and usually maintains it's bullish sentiment, and only prolongs the inevitable - a breakout in line with the trend

This is what i see, either breakout will determine my bias for the trade..Now waiting...

Here we go. Let's see how this works out.

lol

it could be the end. EUR/JPY takes off.

No break out for me .

Here's a thought...

I'm anticipating a break-out just as much as anyone, however, I'm not so sure I really need it to "break out".

Price has been moving up since it opened at the beginning of the week almost 100 pips from the gap down, and 50 pips up from last week's close.

Almost a 100 pips in a couple days, I'd say is not too shabby, at this rate, I'll be up 3 or 400 pips by end of week

And by the way, I do think we are ready for another 100 pip rise in the price. Looking on the H4 chart, price has shown it really does not want to stay below the daily/weekly pivot points. I look for it to move away from this area, as the price action indicates it wants to go up from there...

An H4 close above 177.94 would be nice confirmation...

But, as long as the price shows it wants to stay above the daily, weekly, monthly pivots AND the daily is above the weekly, which is above the monthly, this pair is going to move up, as that is what those pivot points mean - the price is on the rise. If they start changing their hierarchy, then I'll question whether the pair may be reversing, and maybe expect a downward move.

Happy trading!