FX:GBPJPY   British Pound / Japanese Yen
The Current market conditions is still not very predictable due to the news and political events , opinion and discussion that is transpiring UK. lucky we have technical guidance in these times.

look at short term trading for the next few days. The market reflect the intent to move upwards.
My Trades will be as follows:
1. Sell and take profit at 140.397 but having a stop loss in place.
2. When price opens above 140.845 on the hour chart with a new candle I will buy and take profit at 141.134 or 141.815
Comment: Good morning all.From the bullet points above we took profit with the bullet point 1 and did not enter bullet point 2. Looking at the current market setup a bearish flag has been created and means that the downward move will go until at least 139.600 before changing directions and moving upwards.
New trade i will enter into:
1. When the new candle open I will sell and take profit at 138.800 cause I am conservative. My stop loss will be at 139.845.
2. When the take profit is met at 138.800, I will wait for the new candle to open above 138.800 i will place a buy with the intend to reach 140.845.
3. When the profit has been taken at 138.800 and new candles open below 138.800 on the hourly chart, i will wait to check what the new patterns are before making a new decision to enter. at that point i will close this idea and start with a new view.
4. When stop loss is activated, we will wait for a new candle to open above the stop loss mark to re-enter the market into the long position.

My view is that the market will be moving up during the course of the week as we will be hearing news that the UK has been setting plans in place to mitigate the Brexit negative impacts.
Trade closed manually: Closing the Idea as Point 3 has been met. It is easier for me to start and work from a new clean chart when loading ideas.

Comments