FX:GBPJPY   British Pound/Japanese Yen
449 40 11
UPDATE:
D1 FAKEY OF INSIDE BAR FORMED.
DOWNSIDE BREAK OF THE MOTHER BAR AND SUPPORT LINE WILL ESCALATE FALL. I HAVE ALREADY SHORTED. WOULD VERY MUCH LIKE TO SEE THE SUPPORT AND MOTHER BAR'S DOWNSIDE BREAKOUT.
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QUICK GET IN GET OUT TRADE.
SHORT NOW TO TRENDLINE.
FLAG PATTERN. "SMALL SOLDIERS STEPS BEFORE A WAR" AS I WOULD CALL IT.
SL ABOVE 188.7. IF PRICE MOVES ABOVE THAT LEVEL THIS IDEA IS INVALIDATED AND THIS IS NOT A FLAG PATTERN ANYMORE.
HOWEVER AS OF NOW THIS IS PROBABLY THE CUTEST AND SLOWLY MOVING FLAG PATTERN I HAVE SEEN.
WORTH TRADING. IM IN.
Casey_Yeo
2 years ago
Good luck mate fighting the trend.
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PriceActionTrading Casey_Yeo
2 years ago
Yes thanks. i will need it :)
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FOREXEL
2 years ago
Took it, thank you
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PriceActionTrading FOREXEL
2 years ago
No need to thank me. Every trading decision is your own. I took mine at 188.3 for a good 50 pips SL. If price went above my stop trade is already invalidated. where did you take yours?
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FOREXEL PriceActionTrading
2 years ago
just being polite since I saw a comment I didn't like - if you are able to counter-trend trade is has nothing to do with fighting the trend as some says.. )) must check my platform for my entry but my target is a bit lower. Thinking of 186 - 185.32 as a pull back trade before it will head up higher (very likely) . The risk as I see it is only up towards 189.60 (ish) for now so worth the risk for me to take the trade.
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Casey_Yeo FOREXEL
2 years ago
Sorry mate if you didn't like the comment.
Good for you if you are able to counter-trend trade.
You have more opportunities that way.
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RCP_ PRO
2 years ago
Thanks mate. Took small prof. by now.
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PriceActionTrading RCP_
2 years ago
Glad to hear that.
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Yahia.Awes
2 years ago
@Casey_Yeo, did you look at the FXY?.. If you have done it, you would have seen it this is just a matter of time and the Yen is going to fight back.
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Yahia.Awes Yahia.Awes
2 years ago
Almost time to get bullish for the Yen
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Casey_Yeo Yahia.Awes
2 years ago
Thanks LK for sharing this chart. With my limited knowledge and experience, I don't know what FXY tracks. You may want to enlighten me on this, if you don't mind.
You said that "this is just a matter of time and the Yen is going to fight back." This is like saying it is just a matter of time, we are going to die. The question is when? Is it possible for price to break below that support in your chart?
Don't get me wrong. I'm not saying JPY won't strengthen and hence GBPJPY drops. In fact, I have no idea where it will go in the future.
Good luck if you are in trade and happy trading.
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Yahia.Awes Casey_Yeo
2 years ago
You can see the FXY about to breakout right? And if you pay attention all Yen pairs made good highs because of it's weakness.. I don't expect it to be a long term plan, but short term, it might even rally this month still. BTW, take a look at the gbpjpy daily. Do you think this is bullish?
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If this 4h candle ends-up being a shooting star we all know what is gonna happen...
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Yahia.Awes Yahia.Awes
2 years ago
Last time the daily rsi was this high we had a BIG-drop and I don't know EW, but I can see there where 2 falling wedges which completed their direction. That tells me we are at the 5-th wave here and big moves might happen!
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PriceActionTrading Yahia.Awes
2 years ago
Thats a flag pattern right there. The 2nd chart. Thats what i am trading.
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Casey_Yeo Yahia.Awes
2 years ago
@LK - As I have said above, I have no idea what FXY tracks and you haven't enlighten me on that yet. FXY down = JPY weak? Does that track JPY against basket of currencies? You said FXY is about to breakout. Break to upside or downside?
All Yen pairs ran up recently because of its weakness? or is it because of other majors' strengths?

+1 Reply
Yahia.Awes Casey_Yeo
2 years ago
Because of Yen weakness. FXY up, Yen up, same story as dxy..
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Casey_Yeo Yahia.Awes
2 years ago
If you look carefully at the daily charts for recent months, USDJPY has been consolidating, NZDJPY has been down, the rest have been up. Then check again the majors daily charts. Is it really Yen weakness or the other majors' strengths that caused the ran up in most Yen pairs in the recent months? Just saying.
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PriceActionTrading Yahia.Awes
2 years ago
Well in this case, casey has a point. IMO, JPY may fight back yes causing GBPJPY to drop but do not forget that GBP is still fighting strong.
Long story short. JPY may fight back but GBP is stronger. Until proven otherwise.
+2 Reply
Yahia.Awes PriceActionTrading
2 years ago
Why do you think the pound is strong? I think it is just based upon the emotions, no clear sign of being this strong? The elections boosted it up, this might fall as hard as it has risen.
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PriceActionTrading Yahia.Awes
2 years ago
Yes that is what i am hoping. I am trading the sell GBPJPY.
Casey mentioned that we are fighting the trend which he is right as it is really fighting the trend. I too think that there is nothing to back the pound up. So i am countering it.
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PriceActionTrading PriceActionTrading
2 years ago
Will it close below 188.00 in 7min time? that is the question.
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Yahia.Awes PriceActionTrading
2 years ago
Well if it doesn't close below 188, it's still good. It formed a shooting star :) I've never seen a candle pattern as strong as that one and the three black crows and three white musketiers.
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Yahia.Awes PriceActionTrading
2 years ago
Last time the daily RSI was this high it plunged to 175 and to be honest it looks like a double top.
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Yahia.Awes
2 years ago
Anyway not here to offend ppl, good luck anyone, to me it is clear it will plunge. Just a timing issue only.
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PriceActionTrading Yahia.Awes
2 years ago
Yes me too. Hopefully before close of this week.
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Casey_Yeo Yahia.Awes
2 years ago
No worries mate. I'm not offended. PAT, are you?
I just find it amusing with your use of absolute certainty wordings in your comments.
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Yahia.Awes Casey_Yeo
2 years ago
This is as clear as the sun gets up every morning. If the FXY rallies, so will the Yen be bullish....
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PriceActionTrading Yahia.Awes
2 years ago
Well im not offended actually. I posted this GBPJPY sell idea as i saw the "flag" setup.
I know most GBP are on the rise/have been rising SIGNIFICANTLY.
But a pattern is a pattern. I find patterns and i post it. Whether the trade works out or not, or if i take it or not. That is what to me and up to every traders who read my post.
So good luck to those who took it. I know i did and im hoping.
+1 Reply
Yahia.Awes PriceActionTrading
2 years ago
You're right trade what you see and respect the chart :) Fib-pivot resistance also near and daily overbought.
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Casey_Yeo PriceActionTrading
2 years ago
Your trade is looking good mate with resistance holding so far.
+2 Reply
PriceActionTrading Casey_Yeo
2 years ago
It better hold :)
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So yea. Just an update H4.
H4
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+1 Reply
IvanLabrie TOP PriceActionTrading
2 years ago
Yen pairs aren't doing anything...I got out of cadjpy out of boredom, and not feeling like keeping exposure there.
Kuroda's speech did nothing.
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PriceActionTrading IvanLabrie
2 years ago
Yes me too. i got out of cadjpy too. Hoping this might give me the break i needed
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Yahia.Awes PriceActionTrading
2 years ago
We have a shooting star with overbought RSI, might plunge just a ticking timebomb.
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UPDATE:
D1 INSIDE BAR FAKEY. STRENGTHENED MY SHORT BIAS.
BREAK OF MOTHER BAR AND SUPPORT LINE WILL ESCALATE FALL.
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+2 Reply
UPDATE AGAIN.
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UPDATE :
trendline broken.
closed half with 150 pips and SL @ BE.
looking to see how it would react at retest site.
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Yahia.Awes PriceActionTrading
2 years ago
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Yahia.Awes Yahia.Awes
2 years ago
Rounding top :D
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