PriceActionTrading
Short

FOLLOW UP TO MY GBPJPY RE ENTRY SHORT INTO TREND

FX:GBPJPY   British Pound/Japanese Yen
688 48 11
AS MENTIONED IN MY PREVIOUS IDEA.
WAIT FOR BEARISH PRICE ACTION AT THE RECTANGLE AREA BEFORE RE ENTERING A SHORT INTO TREND.

SUPPORT TURNED RESISTANCE
H4 50SMA RESISTANCE
D1 20SMA RESISTANCE

SO AGAIN, BASIS FOR TRADING THIS IS BECAUSE ON THE D1 PRICE HAS BROKEN THE TRIPLE BOTTOM AND MADE A NEW LOW. THUS, IT IS ALREADY CONFIRMED BEARISH BIAS AND WE WILL ENTER AT FAVOURABLE PRICE ACTION NEAR THAT MARKED AREA.

D1 CHART FOR REFERENCE
snapshot

SUBSCRIBE LIKE COMMENT MY IDEAS IF YOU AGREE OR DISAGREE.
Just in case the H4 chart above wasnt clear about the support turned resistance part.

snapshot
Reply
moneymaking
2 years ago
Hey priceaction, Great analysis as always. Will wait for the pin bar. Thanks for sharing and Good Luck :)
+1 Reply
PriceActionTrading moneymaking
2 years ago
Good luck mate. Always waiting for my pin bars.
+1 Reply
moneymaking PriceActionTrading
2 years ago
Pin bars are easy to find but the only problem is to filter out the bad ones from the good ones. That's why I just stick to price action movement :)

Reply
PriceActionTrading moneymaking
2 years ago
A good one is coming i guarantee it. The 50SMA is always a magnet for strong pin bar formation.
50SMA on the D1 is stronger though but we do not have the luxury of enjoying price reaching D1 50SMA for this trade, so we will have to do with the H4 50SMA.
+1 Reply
moneymaking PriceActionTrading
2 years ago
What I am worried about is that we did not get a Daily close below 175.77 level (previous daily support). And instead we got a bullish pin bar on daily at this key support level. Need to be cautious if wanting to short.
Reply
PriceActionTrading moneymaking
2 years ago
Oh yes the daily bullish looking pin bar. Since i have ascertain the bearish bias and is awaiting for retracement. This bullish looking pin bar is the retracement and is just so happened to look like a pin bar. But of course, nothing is certain and this could actually be a bullish pin bar. Then, i would lose on this trade. But i am confident to take it on.
+1 Reply
moneymaking PriceActionTrading
2 years ago
Confidence is what you need in this profession. Good Luck :)
Reply
moneymaking PriceActionTrading
2 years ago
Did you got into the 2618 trade setup in GBPAUD on 4 hr?
Reply
PriceActionTrading moneymaking
2 years ago
Great idea you have there. But i do not trade crosses.
I merely uses crosses to determine which currency is stronger than the other.
I do not know how to explain it but GPB is correlated to AUD somehow (like how i know AUDUSD is going down when GBPUSD has already gone down), and trading this pair with this apparent correlation is more unpredictable than the major pairs i trade.

I have tried trading crosses and you will think that you find this particular pattern confident to trade, then one news come out and take a hit on the pattern you found. I find news having less impact on major pairs WHEN these pairs have these confident patterns. (which is a much debatable topic i know). And when news hit these crosses, these crosses just go berserker unpredictable. Sorry for my long post.
+1 Reply
moneymaking PriceActionTrading
2 years ago
Oh no no, your post is not long. LOL. I have seen people write essay type posts. There's definitely valuable information in your post. So just keep on posting these long posts. More information = More knowledge = More SUCCESS. Thank you for these types of educational posts, they really do help me :)
Reply
PriceActionTrading moneymaking
2 years ago
An example is the AUDNZD idea that our top author "Technician" has posted a day ago i believe. This particular news came out and his idea went to his stop loss while i am earning from my AUDJPY trade.
Not saying that his idea wasnt good, AUDNZD is on a decline since ages ago and is at a all time low. No one would think of buying all would think of entering sell which Technician did which was a very good idea. But news...
Reply
See this. It is ideal if it closes like this.
snapshot
Reply
pete_hef
2 years ago
Great Job! Thank you again!
Reply
PriceActionTrading pete_hef
2 years ago
And if it does close like that, we may not even have the chance to enter at desirable price. The decline could be straight and fast if it does actually close like that.
I would sell only @ 177.2 - 177.5 after it closes with a pin bar like that.
Reply
crossmxn PriceActionTrading
2 years ago
I entered at 177.278. Thanks to your suggestion of 50 SMA and my previous analysis I was able to determine that entry point, I feel like a surgeon with a scalpel :D. I have a question: my current TP is short term between 175.300 and 174.830 however we are trading a weekly support breaking, what are your thoughts on this trade TP? Here is my chart
snapshot
bright green is short term, dark green is "long" term. :) :) Thanks!!!
Reply
crossmxn crossmxn
2 years ago
BTW I dont know if you are interested in this NZDUSD trade, here you go
snapshot
+1 Reply
PriceActionTrading crossmxn
2 years ago
Thats a great chart crossmxn. Makes me want to post a NZDUSD idea when i have the time later. But i guess you pretty much got the idea.
Reply
Nice pin bar formed. tradable. Enter at 50% of that pin bar and only exit trade if H4 closes above that pin bar.
snapshot
Reply
fourmerge PriceActionTrading
2 years ago
Many thanks for your charts.
Reply
IvanLabrie PRO PriceActionTrading
2 years ago
Yes sir, also, look at the hourly, you'll see a clear rising wedge signaling exhaustion in this correction...I expect my longer term development to pan out, holding positions and added a bit.
Next move will be an intense collapse, a large one. Target should be around 168 for this leg down in the daily.
GBPJPY update: targets
Reply
IvanLabrie PRO PriceActionTrading
2 years ago
Entered short again, it's invalid if above 178.2.
Reply
PriceActionTrading IvanLabrie
2 years ago
I agree. I see you are scaling as prices are climbing. Shows how much confidence you have that this will go down eventually. Nicely done.
Reply
No_more_Post
2 years ago
BUY GBPJPY Inverse HEAD and SHOULDERS.
I got buy position , anyways good luck.
Reply
PriceActionTrading No_more_Post
2 years ago
Looks like this trade didnt really pan out as i expected. Might be some market intervention or big players trying to stop out all sellers who sold at the fake H4 pin bar (me included).
If we all just hang in there, we may see some reward for us.
I am putting a stop just above 178.
will exit trade if next H4 bar do not close below that H4 pin bar.
This probably will turn out to be one of those trade where it goes your direction after you exit from it. A stop hunting trade
+1 Reply
crossmxn PriceActionTrading
2 years ago
snapshot
4H chart, candle about to close in 30 mintues, I think we are good
Reply
PriceActionTrading crossmxn
2 years ago
crossmxn. I must say, our H4 has already closed 48 minutes ago while yours is only about to close in 10 minutes. You have to use what we are using to see what we are talking about. Yours is on a different "closing period system". You have to adjust your system or change it as you are seeing different thing from us.
Reply
crossmxn PriceActionTrading
2 years ago
Sorry, I just use default tradingview settings
Reply
PriceActionTrading crossmxn
2 years ago
Interesting. Anyway your setting makes your daily bar closes at 6PM new york time instead of the better preferred 5PM new york time. You may want to figure why that is so because this is very important. You are basing your trade decision one hour after than most of us. Essentially, your reaction is slower than us by one hour.
Reply
crossmxn PriceActionTrading
2 years ago
watch, GBPNZD 1H, about to go down
snapshot
Reply
crossmxn crossmxn
2 years ago
This is the weekly view
snapshot


Everything is in line with this GBPJPY short and my NZDUSD long that I posted in the comments
Reply
moneymaking PriceActionTrading
2 years ago
Ya, it's better to take a small loss now, so that you can stay in the game. Losses are going to come in this profession for sure, no doubt about it. What i am worried about is that I haven't had a loss this week and I know a loss is coming. I wished the loss came near the beginning of the week, so that I could end the week with regaining those losses and earning some profit on top of that. I am just trying to brace myself for a loss that is very near. But I also know that after a loss there's always a winner that will be coming your way. You just have to forget about the loss and try to cash that winner :)
Reply
USD seems to be taking a hit right now across all major pairs. short term market instability and unpredictability as i would call it.
Reply
No_more_Post
2 years ago
BUY GBPJPY Inverse HEAD and SHOULDERS.
I am in Profit now .
Reply
No_more_Post No_more_Post
2 years ago
Nobody talk about Inverse Head and Shoulders.
Reply
PriceActionTrading No_more_Post
2 years ago
Probably it is because we are looking at the overall picture of the pair. The support turned resistance kind of trade. Which is quite obvious actually. I see your inverse head and shoulders pretty clearly. Just that it would be consider risky to enter long for this descending triangle pair D1.
Reply
IvanLabrie PRO PriceActionTrading
2 years ago
snapshot
Reply
crossmxn PriceActionTrading
2 years ago
I think next short entry could be at 178.77
Reply
No_more_Post
2 years ago
Wait to Sell GBPJPY
I will wait to short here.
Reply
IvanLabrie PRO No_more_Post
2 years ago
If you see a move above 0.236 of the first swing here, the count might be invalid.

snapshot
Reply
Sorry for those who took this trade together with me. One loss trade every once in a while is imminent. Even when it looks highly likely that it will be a good trade. Will post new ideas next week when this USD mass selling ceases.
NZDUSD and GBPUSD looks pretty tradable for now.
+1 Reply
moneymaking PriceActionTrading
2 years ago
Hey price action, I agree with you. There are going to be loss along the path of trading but as a trader our FIRST and foremost job is to protect our capital. This as you know is achieved by keeping control of risk per trade. Having a small loss is much easier to handle and recover from than having a one big loss. It only takes one bad trade and poor money management to wipe out all the profit gained from the market. I have seen people having 8 winning trades without any loss and they gave all profit right back to the market on a one BAD trade. So our main goal should be to risk less and as you know most the trading is actually staying on the sidelines and entering only when you see money lying on the floor, just waiting to be picked up. So you really don't have to apologize for this loss. This website is about sharing ideas with each other and learning from other peoples mistakes BUT some people take this website as a single service kind of thing and those are the people that are highly likely to get their accounts blown up. I believe this website is for people who are truly 100% passionate about the market and are willing to put in the effort in trying to becoming a better trader day by day. Even though this was a loss, I am still with you and I believe in your analysis. So keep up the good work and I am 100% sure that there are more winners coming ahead.

So what's your outlook on NZDUSD and GBPUSD? Both NZDUSD and GBPUSD are testing their previous resistance levels. I think it would be a good place to short if the resistance level holds and we start to see bearish price action. What do you think?

Reply
PriceActionTrading moneymaking
2 years ago
GBPUSD will be a good short on touch. However, i am not sure for how long more the USD mass sell off will continue so we have to trade with confirmation, not sell on touch for now. Though 1.5000 is a good pyscho resistance level. I am stopping for this week now. Anyway, a pro trader once told me to not to enter a trade on friday as liquidity is lowest and banks will be closing out their trades as it is the last day of the week. So you do not want to be buying onto what they are selling, you get me? (taking the other end of their trade). You want to be taking what they are taking to make money.
+1 Reply
moneymaking PriceActionTrading
2 years ago
Agree, Friday is usually a slow day especially after 12 pm. But we might see some good movement before 12 pm due to high impact news out of US and ECB Draghi speak. We'll see how it plays out :)
Reply
crossmxn PriceActionTrading
2 years ago
No need to apologize, most of us agreed on this trade. It's everyone "fault". :)
Reply
If only i know a way to send notification to my followers informing them of trendlines broken, watch this or stuff. Instead of having to types comments or post an idea just for a comment. That would be great.
Reply
Casey_Yeo PriceActionTrading
2 years ago
you can always comment below your original idea - TRENDLINE BROKEN - e.g.
:)
Reply
PriceActionTrading Casey_Yeo
2 years ago
Yea just find it troublesome if there are too much comments to read. Anyways thanks.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out