Fxprotrader
Long

GBPJPY Buy Opportunity

FX:GBPJPY   British Pound/Japanese Yen
Price has formed a head & shoulders pattern and it looks like is breaking above a descending channel it moved in. A breakout above the upper trendline of the channel will signal a buy setup. Reaching the neckline of the pattern will be our first profit target for about 650 pips trade.
I agree!
It can go even higher with some luck (my target is potentially 166.441).
I'm in from last night using the 1h/4h chart after seeing oil gap up, and the Nikkei break a weekly resistance.
Should be fairly safe (see my Nikkei post).
Cheers.
Reply
Fxprotrader IvanLabrie
Beautiful..! I agree on your targets.. I am happy with this one because i had a very tight stoploss so if price reaches these levels will be a tremendous setup.. Let's see how thing will go.. I will definately see your Nikkei post..
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IvanLabrie PRO Fxprotrader
Same :D
Was a lucky catch, was looking at oil and the yen's reaction to the news on Friday and during the weekend. A friend was long already but I wasn't convinced before.
See you at the top, cheers.
+1 Reply
mabaert PRO IvanLabrie
Anyone still in this setup?
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I have changed my mind for now, or consider it risky. I closed longs in profit a few days ago.
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mabaert PRO IvanLabrie
nice. Seems I left it open for too long. Should close it down tonight.
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You can close and reenter when safe, or close partially.
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