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Gbpgpy

GBPJPY - At a CrossroadHey there! Gj is my favorite pair, such a nice volatile pair to work with, but lately it's been acting pretty crazy, that's why I haven't talked about it so much. But, price is at an interesting spot right now. See this 160 level, it used to be a support in the recent past, and a strong one. It's been hit several times between last june-september. Then we had a squeeze short that went to grab all the 150.00 level's liquidity to go hit the ceiling at 170.00. We broke back down 160.00 last december and since then we're ranging, between 155.00 and 160.00. Since december, we've hit 160.00 about 5-6 times and now we're getting the 7th one. But this one is different, see, JPY has been really weak lately, and also, it's been more volatile than GBP. You can see this by analysing the last swings of both currencies, check it out : If we take last swing of each currency against the dollar we have : GBPUSD last swing from 14/02 tu 20/02 => 2.85% variation USDJPY last swing from 14/02 to 20/02 => 4.09% variation So, this means that, for now, JPY is more sensitive to dollar than GBP is, so JPY is weaker than GBP against the dollar. In other words, in a situation like this one, if USDJPY is going up, so is GBPJPY. In a previous analysis I was showing a potential rebound of USDJPY this week. If it was to happen I would look for a potential break of the 160.00 level but, I would really like to see the price to retrace a little bit before, to get a nice entry. The situation : 1) We're ranging 2) GBP stronger than JPY lately 3) We're touching the top of the range, 7th touch 4) There's a huge imbalance just above the 161.00 resistance, if price was to break it would be vaccumed up to 164.00 - 165.00 5) We're waiting on a retracement with USDJPY, and it's been corelated with GJ lately So, this one is not a textbook trade that's for sure. But, I know GJ, and right now, it looks like it wants to go get this 161.00 reistance. Ultimately, we'll let the market decide what it wants to do, and we'll be ready for what happens then Cheers everyone and happy trading!!!
Long
by aemerydufoug
GBPJPY SHORTAnother look at a setup that is meeting the early requirements for a setup however it is falling short of reaching what is fully expected. Need to shift target to at 1:3, take the win if unable to manage trade actively. If available, wait for price to approach TP at 1:3, move Trailing Stop to 1:3, give price room to shoot for B Range, and take partials along the way not scaling in. Missed the initial entry due to no limit created, and the second entry for the same reason. Made two trades as one due to under sizing the volume, both trades made to equal correct volume and account risk percentage. Each trade had a SL of 25. Entry 2 came after at a different price offer, lower than entry 1. Trades were in and out of profit, went into profit, then highest profit which was seen, considered to end, but chose ride the trade without doing a trailing stop, or even moving to break even. Noticed a small FVG on 1m moved stop losses below them, an additional ??? PIPs as we have lost control of the trade due to new FVGs. Foget to establish a TP as we Targeted the 5/15m FVG at nearly 1:1. All in all bad trade should not have taken as we were late and missed the initial entry for best RR. Although the later entries would have given a significant RR to potential B areas, the FVGs created on smaller timeframes were clear indications price wanted to fill bearish order flow past SL.
by KennedyW12
gbp jpy long term trade analysisgbpjpy long term trade analysis...........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
by matimbascott
1