GBP/JPY - Summer Pattern
Updated
Hello everyone,
This is the second pair I will be following this week, probably also next week. Here on the Daily time frame the price reached a very strong Weekly, Daily and even a Monthly resistance area, from where so far on the Daily time frame a bounce is confirmed. As we can see on the Daily time frame the market has done absolutely the same thing from April where a strong uptrend started, which in May reached the resistance area from where a bounce occurred and the price dropped down all the way back to its’ starting point in late June. My views here are that we are going to experience the same pattern again. My plan is based on the H4 time frame and I have marked my Sell zones again separated by possible consolidation levels/support lines. The break of the 145.50 level confirmed the downtrend, so now after a nice wave in the last week, I expect to see a correction here again to that level of 145.50 and after that a new wave down. If a break of the 145.50 level happens, I recommend to not open any trades on this pair since the resistance area is just a few pips above. That is why I marked the zone between 145.50 and 147 as Neutral and I won’t trade in that zone. The Sell Areas are as follows:
Sell Area 1: 145.40 – 143.55
Sell Area 2: 143.35 – 140.50
Sell Area 3: 140.35 – 138.70
I will be posting Live Signals on our Twitter page, based on this plan and trades taken on the M30 time frame.
I wish everyone a profitable summer week and for those of you who are going on vacation – Happy Summer Holidays. :)
This is the second pair I will be following this week, probably also next week. Here on the Daily time frame the price reached a very strong Weekly, Daily and even a Monthly resistance area, from where so far on the Daily time frame a bounce is confirmed. As we can see on the Daily time frame the market has done absolutely the same thing from April where a strong uptrend started, which in May reached the resistance area from where a bounce occurred and the price dropped down all the way back to its’ starting point in late June. My views here are that we are going to experience the same pattern again. My plan is based on the H4 time frame and I have marked my Sell zones again separated by possible consolidation levels/support lines. The break of the 145.50 level confirmed the downtrend, so now after a nice wave in the last week, I expect to see a correction here again to that level of 145.50 and after that a new wave down. If a break of the 145.50 level happens, I recommend to not open any trades on this pair since the resistance area is just a few pips above. That is why I marked the zone between 145.50 and 147 as Neutral and I won’t trade in that zone. The Sell Areas are as follows:
Sell Area 1: 145.40 – 143.55
Sell Area 2: 143.35 – 140.50
Sell Area 3: 140.35 – 138.70
I will be posting Live Signals on our Twitter page, based on this plan and trades taken on the M30 time frame.
I wish everyone a profitable summer week and for those of you who are going on vacation – Happy Summer Holidays. :)
Note
Pair went back up in to our Neutral Area, so I will wait for new developments! Plan is still active :)Note
Pair is now in our Sell Area 1. I will be looking for possible entries on the M30 time frame and will post them as Live Signals on our Twitter page! :) I wish everyone a profitable week.Note
Price is still not ready to go down, so we just continue watching and waiting for our chance.Trade active
LIVE TRADE available on Twitter! :) twitter.com/DMTBulgaria/status/894543767474253824
Trade active
Our position based on the Live Signal from yesterday is still open and doing great! I am monitoring it and if the situation changes I will post a Closing signal on our Twitter page. :)Trade closed manually
I have just posted a Close signal on the trade. It is a partial close of 80% of the trade. Place your SL at Breakeven for the rest 20%. Target was reached and we are on +75 pips of profit. --> twitter.com/DMTBulgaria/status/894939595372212224
Note
We still have an open 20% position here. I will continue looking for new opportunities, since we have 1 and a half Sell areas to cover. :)Note
Price is at the edge of entering Sell Zone 3. We still have a floating 20% position opened in Sell Zone 1. I will monitor the pair and see if we will be able to squeeze more profits from the last Sell Zone or we will cut trading on this pair for now.Trade active
Live update on our Twitter Signal: twitter.com/DMTBulgaria/status/899962738650296324Note
LIVE SIGNAL posted on Twitter! 20% of the previous still floating - stay tuned for updates on both signals! Good luck everyone :) twitter.com/DMTBulgaria/status/902109464832204801
Note
Our SL was hit on the M30 trade, which gave us -16 pips or a 0.5% loss. We still have the 20% floating position open and I am monitoring the pair if we need to stop it.Trade closed manually
The 20% left floating were closed manually due to a break of a resistance level and from what I am seeing the pair will continue moving up and the down movement is finished. We managed to bag 320 pips from the partial trade and 75 pips from the main giving us a total of +395 pips. Good luck all :)Note
We can still look for a small sell spot for a Sell Zone 3 coverage on the plan. I will post a signal on Twitter if I see a good entry point.Order cancelled
Sorry I have made a mistake based on the plan I see here, but it stopped showing where the price is. Trading is cancelled on this pair.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.