CBMotivation

GBPJPY - Pin bar signal triggered - we're going LONG

Long
OANDA:GBPJPY   British Pound / Japanese Yen
I've had a lot of fun with this pair in the past on the way down, and since we bounced March 2020 on the bottom, we've had a strong uptrend from Sterling against the Yen. A pin bar has formed on the daily chart , so a stop just below it or at 50% of the pin if you wish to be more conservative, with our first target up at 2018 high, before moving onto some seriously strong fib levels, this a long term trade for me, and with the potential for excellent risk and reward percentages.
Trade active: Filled order at 1.5465
Comment: Trade validated so far and now testing the 155.23 support level, once we break through and gain further support here, we can let it go towards T1
Comment: News out of the UK was nothing unexpected, current movement is just that, consolidation in the current zone, be patient and another opportunity to grab that entry, we're still very much in the long term uptrend.
Comment: If the 153.4 support is broken, the short-term trend will be bearish. But we are a long term bull. A counter-trend false break can be detected with the Insider bar, so I will remain patient to get a valid bullish signal on the 153.40 support line
Comment: Obviously, this and all other assets moved much more than was expected post FOMC meeting, and it was an overreaction if you ask me, so now is the time to wait for price action triggers to confirm support and resistance areas, focus on the weekly, daily charts and only go below to 4H and 1h to confirm those areas.
Comment: Waiting for a pullback now into the 153 support zone to get that entry
Trade active: Market filled at 154.33
Comment: We're touching the 153.5 line again, another nice time to get in if you've not already, don't add to your position unless your risk was lower to begin with
Comment: Cable is starting to build nicely despite Merkel's comments about blocking all UK tourists from the UK. If we break through that 154.75 line of resistance (previous support), expect a return to test the highs up at 156 and then beyond
Trade closed manually: I've closed this trade, price action is now indicating a potential move down to 150, and while I'm still bullish on this strong pair, getting the best entry is part of this process, no point holding a losing pair.

Let's wait for the pullback and re-enter further down, losses are part of the game

Comments

D1 new bar is looking good..
+1 Reply
@zsay01, Yes, very good indeed
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zsay01 CBMotivation
@CBMotivation, we are now active..
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@zsay01, Yes, we are indeed, this will be a great long term trade, much simpler than USD
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With a stop loss triggered, looking for possible buy opportunities at 153.00 area?
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CBMotivation richardsond08
@richardsond08, yes that is correct, we are still bullish, yesterdays DXY response to the FOMC meeting through everything crazy, but some lovely trades came out of it
+1 Reply