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Gbpjpysignal

GBPJPY Long-term Bearish Trade SetupIn the GBPJPY 4 hourly chart above, the price decline in five waves, it's positively correlated with GU at the moment. A five-wave move is regarded as an impulse pattern, which indicates the direction of the primary trend. According to Elliot Wave Principle, a three-wave correction in the opposite direction follows every impulse move. In GBPJPY's case, the retracement took the shape of (w)-(x)-(y) double zigzag pattern. The most interesting thing is that, once the correction is completed the price resumes in the direction of the primary trend. If this count is correct, we can expect the price to start declining from or below the current market price in the days ahead. Want to know how I will take this setup? Send DM! Best of luck on the chart, Veejahbee.
Short
by Veejahbee
4
GBPJPY | PERSPECTIVE FOR THE NEW WEEKThe British pound rallied significantly during the course of last week which happens to be driven by improving risk appetite. It is worthy to also note that the JPY crosses have been drifting higher alongside global equity markets as this stimulus continues to be a major driver of markets. This been said, the Key level @ Y136.600 will be my yardstick in the coming week to gauge the strength of the Bull against the Bears as I am looking forward to finding a buying opportunity above this level. Tendency: Uptrend ( Bullish ) Structure: Reversal pattern | Breakout expectations | Trendline Observation: i. Price found bottom as we experienced sharp rejection of Y135.500 in the latter part of Septemner 2020. ii. The arising of a Reversal pattern followed by consecutive Bullish run from Primary Demand level @ Y135.500 confirms a new trend has begun. iii. We saw price holding above Key level @ Y136.600 last week Thursday and Friday which also respects the Bullish Trendline on the chart. iv. Patience is pertinent here as I shall be looking forward to a significant Breakout of Y138.000 (a respected demand level in the past) for a signal in the coming week. Trading plan: BUY confirmation with a minimum potential profit of 500 pips. Risk/Reward: 1:5 Potential Duration: 5 to 12 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
2
GJ Analysis 06/10/2020We are currently trading in a sizeable 40 pip range, we have two options to enter a trade: 1) If we break below support and form a resistance on lower timeframes, we can look for sell entries for a potential wickfill. It is a decent sized range to fill and profits would be secured early as usual anyway. 2) If we break above 136.275, look for price to form support on lower timeframes before riding price up to 136.600. We have a good range to fill but we need to keep an eye on that wick rejection as it could cause some issues on the way up.
by rhf_fx
GJ Analysis 04/10/2020 -- UpdateI had already highlighted the two potential setups, buys were preferred as the traffic above to the left was much cleaner to our target at the next resistance zone. Price broke above resistance on the 30m timeframe and before entering, I waited for support to form on the 15m timeframe. Support then formed so my next job was to wait for a confirmation for my buy entry, this happened to be when the 5m candle broke above the high of the previous 5m candle. My stops were placed a few pips below the current 30m candle due to it being the last 5m candle before the hourly close. As price broke the high of the previous 30m candle, I secured profits and moved stops to BE, price then ran for 30 pips before I closed the remainder of my positions.
Long
by rhf_fx