Technician
Long

#GBPJPY: Long on Triple Bottom Breakout | #forex

FX:GBPJPY   British Pound/Japanese Yen
2737 44 24
Update: Trade is active
Update(25 Feb): I moved stop loss to break-even
Update: Stopped at break-even :|

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Today's selloff was re-bought quickly, indicating renewed demand at lower levels, and that comes after the completion of a triple bottom bullish formation at the 200 days SMA , and a breakout above the 50-days SMA .

The main near term resistance is at the falling trend line now, we might see some intraday downside pressures where i will be looking to long a bit lower due to money management reasons.

You might noticed that this is not typical trade for me, as it has a wider target and stop loss compared to my usual trade. I am trying to be bolder and more aggressive here ;)

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Good luck, keep your stops tight..
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My best regards
Technician

Related Ideas

Casey_Yeo
2 years ago
You beat me to this. Was about to post this similar idea. :)
+1 Reply
Technician TOP Casey_Yeo
2 years ago
hehe, sorry for that :)
-1 Reply
Casey_Yeo Technician
2 years ago
just curious...won't you take into consideration BOJ's view yesterday?
Reply
Technician TOP Casey_Yeo
2 years ago
I think everything is already reflected in price.
-1 Reply
vdubus PRO
2 years ago
What the rule on inside pin bars, don't they usually get filled ?
Reply
Technician TOP vdubus
2 years ago
am not sure if i get you, where is the inside bar?
-1 Reply
vdubus PRO Technician
2 years ago
Not sure the correct name - upside down hammer
Reply
Technician TOP vdubus
2 years ago
Yep this is a hanging man my friend
-1 Reply
Technician TOP Technician
2 years ago
In my view, it has a bearish implication if the price takes the low of the candle, otherwise the uptrend remains favored
-1 Reply
vdubus PRO Technician
2 years ago
looking at the 4 hr price has broke its up trend but your suggested entry look spot on
snapshot
+1 Reply
Would love a close above 184.20
+1 Reply
AristotelCostel carlos.sanchezbueno.3
2 years ago
That's the only safe long entry. If 184,2 is not reach, Short Entry 182,57, TP: 173,22-173,85.
Reply
LuckyStrike
2 years ago
I think its bearish...I see hidden divergence in RSI,STOC and ROC and on MACD continuation of main near resistance as you noticed...Also the combination of a hanging man at top of resistance makes me more bearish...i might be wrong though..:)
+1 Reply
DerekUweri71
2 years ago
Bearish Trend line is holding, price at an interesting level.
Reply
Technician TOP
2 years ago
Nice rejection today, lets see if its maintained
-1 Reply
Technician TOP
2 years ago
Trade remains active
-1 Reply
Malik1978
2 years ago
i am in now, thanks Technician for sharing the idea.
Reply
Technician TOP Malik1978
2 years ago
anytime, and good luck
-1 Reply
vila Technician
2 years ago
Hello all traders, I'm new here, please comment. There's my idea, I see 1) Mother bar + IB and break of MB IB, 2 ) several Pull back to first MB high + Trend line and then again MB IB and PB but not normal PB, it's a major fakey. This kind of pattern is very powerful, I will be long after 183.30 and my target 187.40 (138 Fibo). Have a nice WE. https://charts.mql5.com/7/69/gbpjpy-d1-axicorp-financial-services.png
Reply
Technician TOP vila
2 years ago
Agree, you could use tradingview charts for easier posting.. good luck
-1 Reply
vila Technician
2 years ago
Thanks for reply, but I don't know how to use it
Reply
Technician TOP vila
2 years ago
Oh, just try, its the simplest yet most powerful
-1 Reply
vila Technician
2 years ago
Thanks
Reply
vila vila
2 years ago
Correction : I will be long after 184.30 and non 183.30


Reply
Technician TOP
2 years ago
and now we have a clear key range
snapshot
Reply
Technician TOP
2 years ago
Common mate, break the hell out of that resistance ;)
-1 Reply
vila Technician
2 years ago
Very soon
Reply
vila vila
2 years ago
I'm long, first target 187, lets see
Reply
Technician TOP vila
2 years ago
welcome mate
-1 Reply
vila Technician
2 years ago
Didn't wait 184.30, I'm long from the PB fakey nose at 183.81, good Luck
Reply
HexVex
2 years ago
Looking good at last :)
Reply
Malik1978
2 years ago
No doubt Trade is going so well so far :)
Reply
Technician TOP
2 years ago
Mates I moved stop loss to break-even
-1 Reply
vila Technician
2 years ago
We are just below the gap from 2 January
Reply
vila vila
2 years ago
There is my idea for G/J
https://www.tradingview.com/e/wSJpGBhr/
Reply
Technician TOP
2 years ago
I need a closing above the shooting star candle now
-1 Reply
vila Technician
2 years ago
In 4h we have 184.90, 4 pips above, I know isn't enough
Reply
Casey_Yeo vila
2 years ago
Daily close above that tail is important.
-1 Reply
vila Casey_Yeo
2 years ago
I'm still in this trade. When I trade with the trend, I usually have a wide SL (180.49 in this case). I have added another position this morning at 183.52, Target 1 : 187, target 2 : 189

Good luck
Reply
Technician TOP vila
2 years ago
Lucky you.
-1 Reply
Casey_Yeo vila
2 years ago
Good for you mate.
-1 Reply
vila Casey_Yeo
2 years ago
We will see if I'm Lucky, for moment we have to pass 185, If not......
Reply
Technician TOP vila
2 years ago
:), wish you luck mate.
-1 Reply
vila Technician
2 years ago
Thanks I need!!
Reply
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