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Gbpjpy_outlook

GOLDEN WEEK At the moment we price is currently in a strong support and resistance zone ( green box ) In the trading week ahead we will be looking at 2 possibilities. 1. Price breaks out in a bullish manor and makes a run up to our 1st TP zone 146.800 ( 270 pips ) which is previous resistance with the possibility of making further bullish movement and reaching our next TP area ( 400 pips, also previous support ) 2. Price breaks out our zone and makes a bearish run down to our support level and TP of around 280 pips. Now this is a swing trade so expect to hold it over the whole week, but we should get some rather impulsive moves as in Japan it is "Golden week" this is an extended holiday so there will be low liquidity involving all pairs during the Asian trading hours. This low liquidity can cause extreme market movements and flash crashes and seen before on 3rd January 2019 with JPY cross pairs ( get your chart up and have a look ) We are going to try and use these sudden big movements to our advantage and hopefully hit our target this week, We also have high impact GBP news on Monday morning and on Thursday we have 4 lots of high impact GBP news, so add this with the low liquidity in the markets we could see some crazy moves... Fingers crossed ;p Obviously trade with caution and use correct risk management!
by ApexFX_Pro
7
Break or Bounce?Break or bounce? As you can see we have a strong support zone that has been used many times before where candles have entered this zone and then bounced, now we are looking for more of the same again as price is currently in this zone, so a bounce and bullish movement. The only thing to be wary about with this bounce is all the bearish movement going down into this zone, this amount of downwards pressure can sometimes cause a zone or level to break, but on the previous times price entered this zone and bounced you can also see there was good amounts of bearish pressure behind the move and the price held. Now you can look at it as a Ninja chopping a block of wood with his hand.. With every strike the wood gets weaker until it eventually breaks ( his hand been the candles and wood been the support zone ) So in time this zone will break, but I'm not really worried about it this time. We will be waiting for confirmation of the bounce and a candle close bullishly outside of this zone though before we take the trade, so keep your eyes open and don't enter unless you get confirmation! Oh and always use correct risk management... but I'm sure you are not that stupid by now ;p
Long
by ApexFX_Pro
4
Avoid getting f#ckedWe can see that price is at a good support zone on the 4H chart and on the daily chart price has been consolidating, ranging or just moving sideward for weeks, all this makes this a good strong setup in our eyes for a bounce and bullish movement up to our green resistance zone. If this trade plays out you could bag yourself 150+ pips, not bad for a snack ;p But obviously with trading any GBP pairing around brexit you have to be careful and use correct risk management to avoid getting f#cked.
Long
by ApexFX_Pro