GBP/JPY... is there a false break/pinbar?

[lulu2199]

Hi all,
Could you tell me if there is a very high probable reversal. If you check on daily time frame, there is a pin bar at a very high level, and is preceded by an inside bar. Does it mean that after the market consolidated after a bull, and then tried to break through the market and failed. Therefore, I believe that there will be a reversal (at least minor one) soon.

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However, right now I am losing money on unrealized PNL. Should I close the trade now?

Thanks!

Lulu2199

 

[Enivid]

Easy Trader would tell you much more about pinbars, but what I see here is the lack of some resistance level for the price to drop down from.

 

[lulu2199]

Easy Trader would tell you much more about pinbars, but what I see here is the lack of some resistance level for the price to drop down from.

Thanks!
Just wondering, can u show me what u mean by resistance level? The price is almost parabolic, and there's no higher price than the one we have.

 

[valent1ne]

Yesterday we made a new high. I'm buying on dips. No chance to see the yen sell-off to transform in a yen rally

 

[Enivid]

Thanks!
Just wondering, can u show me what u mean by resistance level? The price is almost parabolic, and there's no higher price than the one we have.

That's exactly what I mean. In additional to recent high levels, some round number level (e.g. 150.00) could work as a resistance.

 

[Easy Trader]

This pair has large volume and covers alot if pips, I personally ignore 100pip incriments and stick with 500 pip incriments. It seems to fit the chart behavior better I think. With that said, I don't see anything here but some divergence which is to be expected with the strong trend and hense can't be trusted. The minor pinbar doesn't scream long term reversal to me, but it did break and ran right down to the 145.000 level before retracing. Here are the area's Im looking out for. The 140.000 seems to be the best for me. Its got some previous support and it lines up with a 38 fib, its a good place to buy a retrace back in with the trend. The 145.000 has potential for a head and shoulders pattern, while the 150.000 is a power house of a round number with large orderflow.

 

[mahimkw]

yes you can make it

 

[lulu2199]

Thanks for your reply everyone! As it turned out, the pair did fall. In fact, I never expected to sell this pair for long term anyway, since BOJ wants to print massively the bills. However, I must point out that this is also the pair that gives me the most uncertainty, as the Pound is not exactly in great shape, and saw a very bearish beginning of the year.

So yea, I ended up by keeping this trade, and made money on the dip.

Thanks again for your participation!

Lulu2199