GBP-JPY - Looking at going long off this level at 125.100
Updated chart with price target now added, at this area i'll be looking to go long, buy order limit has been set, and hopefully, this should reverse from that zone, it could go a bit lower as shown on the line below, but unlikely, but price swings could see it happen, if it does, then i'll add to my long at that point as well.
Comment:
UPDATE
If we take out as is expected the previous area support at 126.554, then perhaps we can see much much lower prices here, so i've cancelled my order buy limit to be long, no entry long or even short until i work out where we may go to from here.
If we take out as is expected the previous area support at 126.554, then perhaps we can see much much lower prices here, so i've cancelled my order buy limit to be long, no entry long or even short until i work out where we may go to from here.
Comment:
Another update on thoughts only here
Lets say we break below the previous cycle low at 126.554, then we would normally expect just a wee poke through that level and then sharp reversal up, before attempting another try of the 126.554 to go lower.
Now here's my thought on this, let's say it does poke through that key level, it could in fact head towards the 125.100 as previously shown, and from there start a corrective move back up into the previous price zone of 130.100 before continuing much lower.
Stay safe.
Lets say we break below the previous cycle low at 126.554, then we would normally expect just a wee poke through that level and then sharp reversal up, before attempting another try of the 126.554 to go lower.
Now here's my thought on this, let's say it does poke through that key level, it could in fact head towards the 125.100 as previously shown, and from there start a corrective move back up into the previous price zone of 130.100 before continuing much lower.
Stay safe.
Comment:
That might be the low in for now/today, now looking for a corrective move back up to the 130.100 level.
Comment:
Looking for a move higher and above 127.842 if we get above there then may be the first sign that bottom might be in place.
Comment:
Looks like we have lower to go, but first a corrective pullback to the 127.100 to 128.200 area, and from there we should head a bit lower. Once the pullback figure is known then i'll work out the possible target zone.
Comment:
Retracement underway, nearing first area of resistance at 127.170 area, should it push higher, then the next level would be 128.250, and then 129.000, but shouldn't exceed the 130.330.
Once price action confirms the move then i'll be looking to close out my short term longs i took yesterday, and from there look to short this for the final stages down to complete this overall move to the downside.
Once price action confirms the move then i'll be looking to close out my short term longs i took yesterday, and from there look to short this for the final stages down to complete this overall move to the downside.
Comment:
price has travelled within the 23.6% - 38.2% retracement zone, my trailing stop has been adjusted to 12673, price could move higher towards the 12900 level.
If price reaches the 38.2% / 12905 it could easily head into the final area of resistance which would be price getting no higher than 13034
If price reaches the 38.2% / 12905 it could easily head into the final area of resistance which would be price getting no higher than 13034
Comment:
Moving up and nearing my short term long trade with tp of 129.054, from that level i will open my short position, and add to it should it move slightly higher, stop loss would be slightly above the 130.343 plus allow margin for the spread, should it take that sl out, then i'd be expecting higher we go, but unlikely in my view.
Comment:
GBP-JPY - Selling SHORT at these levels
Market orders at - 129.054 & 129.500
SL 131.250
Target tba but will be sub 124.000
Market orders at - 129.054 & 129.500
SL 131.250
Target tba but will be sub 124.000
Trade active:
Now Short GBP-JPY
1st sell order has been executed at 129.540
1st sell order has been executed at 129.540
Trade active:
Error - should have stated -
1st sell order has been executed at 129.073
1st sell order has been executed at 129.073
Comment:
2nd sell order executed at 129.502
Trade active:
2nd sell order executed at 129.502
www.tradingview.com/chart/tqlEdiU3/