GBPJPY Long Idea

FX:GBPJPY   British Pound / Japanese Yen
208 15
GBPJPY made a correction in 3 waves back into the 50%/61.8% retracement area of the up move from 03-feb low to 27-feb highs.
Stop Loss is placed under the 161% fibonacci extension
It looks like most trying to catch a falling knife instead of going with the flow
SQQ CryptoCubic
Hi Hitech, yes it looks like a falling knife... however i trade only this kind of setup and it woks fine. this movement was very similar to this one that happened at the end of 2014. Any way, if 161.8 will be broken, i will wait for the next 100% FE into the 170 area to be a buyer again .
Thank you !
well, the main thing is that it works for your, nothing else matters, thanks for sharing
172 would be a very strong support, might work.
What kind of stop do you use?
Something like 1 atr stop would work well I guess, but I prefer going with the trend.
CryptoCubic IvanLabrie
I use stop loss based on my resistance levels, like here on chfjpy I put it on R2, then see what happens to R1 and move it lower
IvanLabrie CryptoCubic
I meant Stefano's...but yeah, that's a good idea.
CryptoCubic IvanLabrie
ooops :)
SQQ IvanLabrie
Ivan, i usually place the stop at 161% .
in this setup https://www.tradingview.com/e/SfHfpXpm/ my risk will be 2.3% ( i trade 0.01 on a 3k account)
+1 Reply
sorry wrong link
+1 Reply
Nice, I use 2.5%, but similar idea...if you think it'll head down like that, why not short it?
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