GBPJPY - 5-9 April Weekly Trade Plan

GBPJPY

Monthly: Bullish
Weekly Bullish
Daily: Bullish
4H: Bullish

COT:
GBP : Long 68% - Short 32% (Strong)
JPY : Long 23% - Short 77% (Weak)

Monthly: Solid bullish and with previous month close above 150.40 indicates a bullish continuation to target current monthly resistance at 155.

Weekly: Solid Bullish after 22-26 March week candle tested broken resistance 148.85 and bounced with a long nice lower wick. While last week closed solid bullish above the resistance formed at 151.62. Current weekly resistance is 153.84 April 2018 weekly candle wick then 155.

Daily: Strong Bullish momentum with close above previous resistance formed at 151.90 and with GBP is currently strong and JPY is weak from COT data that is already reflected on the chart, bullish momentum continuation is expected to extend further to target 155. Retracement should be contained within 151.90/151.

So I've 2 Scenarios for next week as following:

Scenario 1 : Looking for GJ to retrace and form a support between 152.26 and 151.84 to confirm creating a HL to extend the bullish momentum and to test highs

Scenario 2 : A failure to create a support will indicate a LH is formed and we may extend the correction to test 150.68

Weekly Trade Plan 4H Chart:

Daily Chart Outlook:

Comment:

6 April - GBPJPY Long = L -16

This trade is based on the weekly plan which I was waiting for GJ to retrace to a HTF support at 152.26 as 1st level or 151.84.

Today drop took 152.26 so i waited for 151.84 which was reached and started to bounce creating a 30m support which.

I anticipated that this will be a good place to go long neglecting the confirmations of solid support formation which leaded to this L.

I need solid confirmations and not anticipations to trigger trades

Entry 30m Chart:

Trade Close:

Comment:

7 April - GBPJPY Short = L -36

2nd Loss this week with GBPJPY makes me back to point zero and think more on what i'm doing here and if trading is for me or not .. I will have some time not trading to think more on why this happening and if i'm able to trade or not.

Entry: 

Partial Close: 

Trade Closed: