GBPJPY : IS THE RISK WORTH IT?
Hi traders!
GBPJPY is standing in a funny place. After a huge bull run was over, it was met by a healthy retracement. I'm getting plenty of different signal from this chart. I have 2 set of FIB extensions set in this chart because the up move was too strong and have super big gaps between the extensions.
I have one for the weekly & one for the daily. Also, I added a order block which has been bought and put the price over top of it. The price close over the daily 0.5 and it just under the 0.5 weekly. The RSI is saying the me that they are still more buyers than sellers for this pair. MACD is about the cross... but right on the edge of it.
So I'm looking what the GBP is doing vs other pairs and it looks positive. The same can be said of JPY who has shown weakness the last few days. If the price finds the momentum to go up, it will be a very nice push!
For all those reasons, here's what I'm seeing :
GBPJPY LONG
ENTRY : 149.90
SL : 149.117
TP : 154.306
Trade safe!
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.
GBPJPY is standing in a funny place. After a huge bull run was over, it was met by a healthy retracement. I'm getting plenty of different signal from this chart. I have 2 set of FIB extensions set in this chart because the up move was too strong and have super big gaps between the extensions.
I have one for the weekly & one for the daily. Also, I added a order block which has been bought and put the price over top of it. The price close over the daily 0.5 and it just under the 0.5 weekly. The RSI is saying the me that they are still more buyers than sellers for this pair. MACD is about the cross... but right on the edge of it.
So I'm looking what the GBP is doing vs other pairs and it looks positive. The same can be said of JPY who has shown weakness the last few days. If the price finds the momentum to go up, it will be a very nice push!
For all those reasons, here's what I'm seeing :
GBPJPY LONG
ENTRY : 149.90
SL : 149.117
TP : 154.306
Trade safe!
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.
Comment:
Price did go close our SL (3-4 pips?) but didn't touch!
Comment:
Patience is key my friends! We are now pushing more than 100 pips!
Trade closed: stop reached:
Price touched SL in profit! We banked around 50 pips on this trade.