GBPJPY 7th OCT

[Leebax]

Good monday everyone, start of a new week. Having a little look at GBPJPY again. price is consolidating in the demand zone after the bull push up a couple of weeks ago. The last dynamic support has held and price is making a little push upwards after the gap down to last weeks low from market opening. it needs to stay above 131.4 to remain a bull for me. Watch price around 133.13 for some resistance. Currently it is pushing up so will watch this pair today for a sign of its next big movement in direction and trade with it. no need to rush in today.

 

[DT77]

Think it'll be heading south myself

 

[SymphonyTrading]

I too believe it's heading lower and a re-test of support below at the 127-126 levels, but needs to break the 130 level for me. Downside momentum gaining strength and could stay oversold and expand the band lower...

 

[Leebax]

Price Held above 130 on the support shelf. im currently 40+ pips in profit and a risk free trade

 

[SymphonyTrading]

Price Held above 130 on the support shelf. im currently 40+ pips in profit and a risk free trade

Just curious... I gather you daytrade. I daytrade ES (emini S&P500 futures) and position trade options. I am relatively new to forex and my view on the chart was on a daily timeframe, a longer perspective. I was just wandering overall how you are doing daytrading forex pairs and if you have a longer view perspective as well ?

 

[Callum Richards]

Thanks for the analysis

 

[Leebax]

Just curious... I gather you daytrade. I daytrade ES (emini S&P500 futures) and position trade options. I am relatively new to forex and my view on the chart was on a daily timeframe, a longer perspective. I was just wandering overall how you are doing daytrading forex pairs and if you have a longer view perspective as well ?

My view is on the daily timeframe also. i dont day trade forex i mostly swing with my manuals. i.e for multiple days or even weeks. That being said GJ is in a position for a swing back upwards. But obviously brexit being the factor of keeping it down. it bounced nicely off that support shelf though. I use an automated software to bring me the daily profits and i manual long term. Thats how i do things

 

[MaddielovesMoney]

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My view is on the daily timeframe also. i dont day trade forex i mostly swing with my manuals. i.e for multiple days or even weeks. That being said GJ is in a position for a swing back upwards. But obviously brexit being the factor of keeping it down. it bounced nicely off that support shelf though. I use an automated software to bring me the daily profits and i manual long term. Thats how i do things

Wow this is brilliant. Thanks for sharing this.

 

[Leebax]

GBPJPY- After i was watching price pullback myself i went long around 130.500. The support was strong and a good cheap price to buy especially for a long swing (lower lot size). That decision has been rewarded as now i have nearly bagged 400 pips. But this is potentially only the beginning, if we get a real Bull run then there is plenty more pips to be caught. Brexit has to be good for the GBP. either two ways, we break above the trend for a retest and another push. Or it respects the trend and comes back down, which i will buy again if it does. Hope some of you caught that move

 

[MaddielovesMoney]

GBPJPY- After i was watching price pullback myself i went long around 130.500. The support was strong and a good cheap price to buy especially for a long swing (lower lot size). That decision has been rewarded as now i have nearly bagged 400 pips. But this is potentially only the beginning, if we get a real Bull run then there is plenty more pips to be caught. Brexit has to be good for the GBP. either two ways, we break above the trend for a retest and another push. Or it respects the trend and comes back down, which i will buy again if it does. Hope some of you caught that move



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|Really detailed thank you...I will be following this thread with interest

 

[DT77]

Good shout, GJ had another bullish day

 

[SymphonyTrading]

what a bounce and boy was i wrong lol

 

[MaddielovesMoney]

big movement with Brexit

 

[Leebax]

GBPJPY- Back at the GJ and we can see price is still holding above the demand zone. For me the sings of a new long term bull are looking more favourite. This is my prediction on price and what i think will happen over the course of the next week or two. Brexit has been extended until next year, but yet price didnt move, if anything we have moved up nearly 100 pips. Thus confirming it has already been priced in over the previous years since brexit began. Most news now if any favour the bull. Still alot of volatility with this pair so trade carefully, wait for that break of the big trend and we have the green light to go long.

 

[Leebax]

Its 2020! Happy new year all, hope you all had a good one. Back to business time. Our friend GBPJPY has been on a roller coaster ride. After the initial big bull push, and then the extreme overbought conditions from the General elections, we saw it drop right back when brexit plans were released with no deal. But since we have seen it find demand and now we have started to make the climb again. it does look like the long term bull is here, but the brexit decision at the end of january will be a big factor in this currency. For now buy the dips on demand. HNY

 

[Leebax]

Forgot to post my last GJ setup in here Im not one to blow my own trumpet but i got this one spot on. We last looked at GJ at the resistance zone and i expected for price to drop down to the 0.382 Fib level (200 pip drop ) before its next move upwards.

As you can see it did that perfectly and were now on our way up to the supply zone . Will we break through this time?

Well today will certainly tell us, as its 31st Jan Brexit Day for the uk. 11pm decision so all we can do today is watch and wait for next week.

Once we know the direction then we can look to get in on positions on pullbacks. Have a good weekend everyone