GPBJPY long (based on technical analysis only)

FX:GBPJPY   British Pound/Japanese Yen
456 3 10
- Uptrend on 1d and 4h charts
- Breakout on 4h over 186.00-186.10 level
- Nice retracement on 4h and 1h chart
- Breakout ouf decline line on 1h
- Weakness on GBP against USD seems to be (almost) over

- Entered long on 186.40
- SL @185.60
- ProfitTarge @189.90
- R:R=3,3

-if not stoped out on 3.Dec'14 (some importand GBP-Data) possibilities to double on breakout over 187 and small retracemts after that
"Weakness on GBP against USD seems to be (almost) over"
How was that determined?
I did assume, that after 3 times testing and holding support on 4h @ 1.5600 the GBP will gain strenght vs USD.
Usually it is a good idea to buy after the 3rd test of support, but in that case the strong NFP on Friday did push the price below 1.5600 (so I was wrong here) and now it is tricky as we might have seen a false break down, BUT
the overall trend is still down and after having a lower low (below 1.56) and with lower highs on 4h chart, the next move here is probably down.
Maybe a good short would be somewhere between 1.5750 and 1.5790 with a SL at 1.5835 and ProfitTarget at 1.56, so basically trending the 4h range in the direchtion of the major trend on the daily charts.

Hope that helps and thanks for asking!
+1 Reply
1. SL moved to 186.07
2. After nice run on 3.Dec, look to double the position on the 4.Dec, which u can do in 2 ways,
2.1 wait positive reaction after Official Bank Rate at 12:00pm GMT (best with breakout over 188.20)
2.2 or a nice pin bar on 1h chart, ideally of 20EMA (now about 187.40)
--> if position doubled, move SL 10pips under the low of the day

+1 Reply
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