Long

GBPJPY - Pin bar signal triggered - we're going LONG

Updated

I've had a lot of fun with this pair in the past on the way down, and since we bounced March 2020 on the bottom, we've had a strong uptrend from Sterling against the Yen. A pin bar has formed on the daily chart, so a stop just below it or at 50% of the pin if you wish to be more conservative, with our first target up at 2018 high, before moving onto some seriously strong fib levels, this a long term trade for me, and with the potential for excellent risk and reward percentages.

Trade active

Filled order at 1.5465

Note

Trade validated so far and now testing the 155.23 support level, once we break through and gain further support here, we can let it go towards T1

Note

News out of the UK was nothing unexpected, current movement is just that, consolidation in the current zone, be patient and another opportunity to grab that entry, we're still very much in the long term uptrend.

Note

If the 153.4 support is broken, the short-term trend will be bearish. But we are a long term bull. A counter-trend false break can be detected with the Insider bar, so I will remain patient to get a valid bullish signal on the 153.40 support line

Note

Obviously, this and all other assets moved much more than was expected post FOMC meeting, and it was an overreaction if you ask me, so now is the time to wait for price action triggers to confirm support and resistance areas, focus on the weekly, daily charts and only go below to 4H and 1h to confirm those areas.

Note

Waiting for a pullback now into the 153 support zone to get that entry

Trade active

Market filled at 154.33

Note

We're touching the 153.5 line again, another nice time to get in if you've not already, don't add to your position unless your risk was lower to begin with

Note

Cable is starting to build nicely despite Merkel's comments about blocking all UK tourists from the UK. If we break through that 154.75 line of resistance (previous support), expect a return to test the highs up at 156 and then beyond

Trade closed manually

I've closed this trade, price action is now indicating a potential move down to 150, and while I'm still bullish on this strong pair, getting the best entry is part of this process, no point holding a losing pair.

Let's wait for the pullback and re-enter further down, losses are part of the game

CBMotivation

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