hope.bleecker

GBPJPY- WATCHING FOR TRENDLINE BREAK

FX:GBPJPY   British Pound/Japanese Yen
725 16 17
5 months ago
Looking at the daily sideways channel and on the one hour watching this trendline. If we break this I will wait for the pullback and will once again begin to buy this market back to the future high price of 162. This line is worthy of a look because if we break this we will head to 174 area. same trade that we took earlier last month only I believe this could go further if we get above 162. Let's see what it does.

Entry: Waiting on the market to break and close above the counter trendline bullish in the buy zone... Measure ten pips below the low (154.35) Reward is ALWAYS 3 times the risk and therefore the target would be 157.02 How can you screw this trade up? You can get in now and then blame it on me... That doesn't help anyone. WAIT FOR THE BREAK!!!
5 months ago
Comment: Hitting trendline. You might want to review this during Asia. If you are on it, you are high risk... let it break and then go. Thanks!
5 months ago
Comment: Breaking... let's close above it.
5 months ago
Comment: I have not entered this yet... the pullback is strong and the bear momentum is too heavy. We need bull candle outside of this formation. Will let you know when I am on!
5 months ago
Comment: Order is being canceled for now. This is really really heavy bear momentum.
DamonDavies
5 months ago
Watching for for exact same thing at the moment, also watching the UJ double bottom, both pairs behaving similarly at the moment.
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hope.bleecker DamonDavies
5 months ago
My man! How's it going?
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DamonDavies hope.bleecker
5 months ago
All good in the hood hope, well... as long as GJ/UJ start behaving, misqueued my entries last couple of days! How you doing? :)
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Boumrah
5 months ago
we need 1hour close above ?
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hope.bleecker Boumrah
5 months ago
You can do what you want to do but when I just take the break like this on the one hour, it never fails.. always comes back on me. I like to get a bullish formation, a lower price, and a lot of proof and then buy.
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Boumrah hope.bleecker
5 months ago
where should we set the stop lose ? ??
:)
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hope.bleecker Boumrah
5 months ago
If you read up above, my targeted entry would be in the 35 area with 3:1 Risk Reward, so if we are going to 157, and we stand to make 250 pips, then the stop would be 1/3 of 250 about 83 pips. I personally don't like to risk that much which is why I will take it higher on a lower timeframe or I will look for the pullback when it proves itself. Thanks!
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andreweva1
5 months ago
Hi Hope will we wait for the close or a pull back to the line
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hope.bleecker andreweva1
5 months ago
Both elements. Let this candle close and then we pullback to the front of the line, get the bullish formation, and the stop is 10 pips below the uturn.
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andreweva1 hope.bleecker
5 months ago
Thanks Hope as always great analysis
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hope.bleecker andreweva1
5 months ago
You are too sweet. Thanks so much.
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Rodica
5 months ago
Hope, how are you planning to protect the GBP trades into Brexit voting? I like a few GBP pairs but the margin and volatility makes me stand aside.. until the storm is clear
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hope.bleecker Rodica
5 months ago
That is certainly your prerogative and I truly agree with you. Today, on June 9, this is a pullback trade based on the fact that the market does move in waves. and as you can see, the target is certainly not very ambitious and if it runs much higher, I likely won't be in it because I plan to clear my accounts and take on minor gold stocks next week, so I won't be trading any leveraged assets for the next several weeks.
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DamonDavies
5 months ago
Such a frustrating pair recently..
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hope.bleecker DamonDavies
5 months ago
Don't let it frustrate you.. just don't get on it until it proves itself. It's just following that trendline down. strong support around 15260.
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DamonDavies hope.bleecker
5 months ago
Yeah thanks Hope, we'll get it!
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