GBPJPY Long - 18 Jan 2017 (Entry triggered on 18 Jan 2017)
Updated
Background:
- Bullish reversal candle with gap closing bullish marobozu on the 17 Jan 2017 session @ horizontal support @ 138.5 region.
- Also, noted a slight bullish divergence formation
Entry:
- Buy stop set at 20 pips above the 17 Jan 2017 candle high @ 140.3
- Atm, the entry has been triggered
SL:
- Set below 50% fib of the entry candle @ 138.3
- Also 138.3 would be way below the gap range
PT:
- Set at previous swing high @ 147.0 (Round number)
Notes:
- This might not be an "A" set up for me as there is only 1 signal set up at the support....
- Bullish reversal candle with gap closing bullish marobozu on the 17 Jan 2017 session @ horizontal support @ 138.5 region.
- Also, noted a slight bullish divergence formation
Entry:
- Buy stop set at 20 pips above the 17 Jan 2017 candle high @ 140.3
- Atm, the entry has been triggered
SL:
- Set below 50% fib of the entry candle @ 138.3
- Also 138.3 would be way below the gap range
PT:
- Set at previous swing high @ 147.0 (Round number)
Notes:
- This might not be an "A" set up for me as there is only 1 signal set up at the support....
Trade active
Updates - 20 Jan 2017:- It seems like this trade is going on well... with ytd session closed a convincing bull.
- Slight concern ahead could be the price currently testing the 10/20MA resistance area. It could be a significant area to pay attention to.
- Will certainly hold on to this trade with close eye on the 10/20MA area
Trade active
Updates - 22 Jan 2017:- The last day of the trading week closed without any significance as it nears the 20MA resistance.
- I do expect the current bullish trend to continue unless bearish price action shows near the 20MA resistance
Trade active
Updates - 24 Jan 2017:- This is awkward... The week started with 1st day closed a gapped down shooting star/doji alike pattern after testing the 20MA resistance
- The 19, 20 and 23 Jan daily candle now formed a inside candle formation
- Since the major trend is bullish, a 2nd bearish price signal off the 20MA resistance would warrant me to quit this trade.... So I will keep a close eye on this....
Trade active
Updates - 25 Jan 2017:- The yesterday session closed a bullish candle cancelling off the inside candle formation at the 20MA resistance
- This move might indicates the bull is in play
- I will certainly keeping this trade hopping it to reach my PT at the previous swing high within next week.
Trade active
Updates - 30 Jan 2017:- Last week closed with a doji at 144.
- To limit my open risk, I have move my SL to my entry point @ 140.30 as the upcoming JPY monetary policy and rate release might tamper with this trade.
Trade active
Updates - 1 Feb 2017:- The recent bearish pullback has nearly cost me this trade. At a point i was 440 pips up and the pullback nearly came back to my entry point (@140.3) which i had move my SL to.
- Lucky for me that the bear only manage to reach 140.44
- Yesterday candle closed a reversal hammer after testing the 50MA support.
- Similar to my other open GBP trade, i will keep an eye at the price action near this 50MA area before making adjustment.
Trade active
Updates - 2 Feb 2017:- Yesterday session continued the hammer bullishness by closing higher.
- i will keep my SL at my entry point to limit my risk as there are multiple GBP release later on
- ATM, i have 300pips unrealised profit with another 370pips to go at my PT
Trade closed manually
Updates - 3 Feb 2017:- Lesson of the year!!! Exit trade before rate or policy announcement....
- Because of greed in chasing the potential profit, i was hoping the announcement to be in my favor thus didnt execute my exit rule.(This is same for all my GBP trades)
- For this, i paid the price.... my previous 300pips has now shrinked and i have exit my trade with only 100 pips.
- Yesterday candle closed a bearish engulfing but yet to close above the 50MA support. Could this be the chance to short?? lets see....
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