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Gbpjpy_outlook

GBP/JPY Long Opportunity...Triple Bottom...Channel BreakGBP/JPY has provided some incredibly easy trading opportunities over the past couple of weeks and it's time for another one. Unfortunately I wasn't home when it hit the bottom of the channel earlier so I missed out on 150+ pips but it is what it is. Currently, there is a triple bottom on the 4 hour as well as a close above the descending channel/flag. The Daily candle also closed above the previous day for the first time in a while and it closed above the channel as well. I got an entry at about 148.7, right after a re-test of the channel on the 1 hour chart (since the 1 hour chart highly respected this channel as well with only 1 false breakout) and have since set my stop loss to break even and I will let this ride to around 150. If price comes back down to re-test the channel I will look to see how price reacts there and while my bias at the moment would be a long, I will consider taking a short if price falls back inside the channel. FOLLOW ME! Tell me what your analysis is on G/J in the comments section below.
Long
by Jabest
GBP/JPY SHORT based on a descending channelIt looks like it might be time for GBP/JPY to come down a bit again. There is an extremely well-respected descending channel and potential flag on the 4 hour chart. TELL ME IN THE COMMENTS SECTION WHAT YOU GUYS THINK ABOUT GBP/JPY CURRENTLY! PLEASE NOTE: I am starting a compound challenge where I will attempt to turn $20 into $10,000 by doubling my account (while risking 50%) for 9 straight trades. This is why my take profit is set where it is. In reality I would be looking to TP at the bottom of the channel but if price rejects at the previous low it would create a triple bottom and would likely break the channel on the next move upwards. Only time will tell. PLEASE ALSO NOTE: I don't use stop losses unless I am locking in some profit. Therefore what I will be looking for is a 4 hour candle close above the current descending channel to signal a break and an exit for me.
Short
by Jabest
G/J At A Critical Point There is a 1-hour descending channel currently which makes it appear to be a good short opportunity at the moment. However I will wait for it to break the current uptrend on the 5 min. chart before I enter a short. The higher time frame charts are indicating a possible long entry as well so if the channel is broken it could be a very good opportunity to go long on G/J now. Wait for confirmation to trade. For best case scenario: 1. Wait for a trend break either way 2. Wait for a kiss of the previous trendline and/or a close below the low of the breakout after a pullback.
by Jabest
Short 150.85 Target weeky support at 147.9 (295pips) SL 151.83I shorted the Gbpjpy Friday night ,i no have time to post at that time ,then i just thinking about today to why to not post it..because have room for again enter in. a In technical analysis i see a possible H&S and even the weekly support is right Far ,usually when a price Breakout this kind of strong resistance the AT suggest that he will pullback on for bounce more up after. so i think with the h&S formation is good to try it. Also i got a kind of RSI BEARISH DIVERGENCE in H4 chart In fundamental. Carney talk abour rate hike yes but they alredy talk about it before so i thought market have priced it already. Brexit sill confuse topic and not all line in good ,it still again a little mess missed his GDP forecast even other data are very good The gbpusd fail to pass the resistance many time at 1.3610 and even he still on bullish trend short/middle time,he have room to consolidate more. the usdjpy dont know wher eto go is in range since 3days and i think trump administration,fiscl policy details and maybe again NK will weight on this cross so i just think i may wrong like all trade we do but i wanna try this idea,with a good MM and ration Short at 150.85 in 2 lot Target 1 at 149.50 Target 2 at 147.90 Slop loss at 151.50 Risk reward 5=(ration) = 1/3.0 who is i think attractive In long term on other post i am long,when this trade is reached ..:-)
Short
by corsicasia
9