FullTimeTrader
Long

GBPJPY-long against 0.61 fib retracement

FX:GBPJPY   British Pound/Japanese Yen
1274 11 22
a year ago
This pair seems to be starting a series of 1-2 s
Right now is making a nice 0.61 fib retracement.
I will buy here with SL and targets shown on chart:

Currency correlation (this pairs depends directly from the GBPUSD             and USDJPY             )

- GBPUSD- from my point of view is starting a rally or at least will stays sideways but i doubt it
- USDJPY- testing a strong support, so could react and make a small rally before dropping finally. We can see it clearly on USDJPY             weekly chart (currency correlation is useful! why not to use it?)
snapshot

Regards.
a year ago
Comment: first target hit, moving sl to be
UNLIMITED
a year ago
do you have a chart EURJPY?

thank you

you are doing great, i like you
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snapshot

or maybe wait for a breakout in either direction
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FullTimeTrader NidalDarawsheh
a year ago
Hello, personally i dont use breakout strategy because sometimes prices moves too fast and its difficult to choose an entry point and the R/R is not good. I prefer to anticipate the move. Regards.
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FullTimeTrader
a year ago
UPDATE. Im still in, the SL is the trendline. GBPUSD suddenly retraced. Lets see. Regards.
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kumonauta
a year ago
snapshot
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kumonauta
a year ago
Si se respeta el canal parece posible.
Gracias por el aporte.
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UFTrading
a year ago
good call
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SO SWEET.
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FullTimeTrader tntsunrise
a year ago
Thanks, i agree also with your oil setup, rally could start soon and that could be a big one also. Regards.
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farid_ardavani
a year ago
there is an other possibility for this pair; here is weekly view of GBPJPY
snapshot

there is a clear impulsive wave and now, it has started its corrective phase to down.
on the lower TF this corrective structure is making 12345 impulsive wave for A of corrective ABC
snapshot

so i think downside is preferable against upside.
good luck.
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FullTimeTrader farid_ardavani
a year ago
Hello, i agree wit your long term count! this trade is short term on H4 chart. Just like the USDJPY this pair reachead a top and will continue the decline. Thanks for sharing!!
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