Our Short trade on the GBP/JPY is still going strong. We took some profit off the table at 146.77 but continued to follow the trend down to increase profit. We have tightened our trailing stop not to 100 pips - looking to take some more profit shortly.
The market has moved outside of the trend freeze range and we are now looking to enter long again. Momentum to the upside at the moment. We've updated the trend channel and will enter long at 8070 with our P1 target sitting at 8670. Our trailing stop is 800 pips away but will adjust with the market movements.
The market has broken the upward trend and has given us two out of three requirements to go short. If the market trades down at our entry level before making a new high we enter short. Cancel the order if a new high is made before entry.
The market has broken the upward trendline and has given us a potential short order. We need further confirmation that the trend is broken which we will get when the market trade down at 147.51, which will also be our short entry
It looks like the downward channel on the 2h chart was broken and we are no looking to go long. Our first Entry is at 545 with a our first profit target around 575. Trailing stop at of USD30. If a new low is formed before we enter we cancel out order
The downward trend on has been broken and the maret is looking to rise. We have entered a long order @ 189.00 at P1 we will close for half profit and let the rest of the position run with the trend. If the trend change we will reassess.
It seems that the downward channel has been broken and that the market is ready to start a upward channel. If the market reaches our entry it will serve as confirmation that the market has bottomed. We will take half profit at 2599 and move stop-loss to entry. If there is a change in trend we will re-asses.