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Gbpjpylong

GBPJPY - Descending broadening wedgeWeekly: Price has double topped on the weekly time frame, hasn't broken the high of 168.710 or the low of 155.609, from a macro perspective price is technically still in an up-trend Daily: Price has broken neckline low of 161.727 and could be due for a short term retracement given consecutive days in the red. A close below 155 - 160 on the daily would be ideal to change the overall macro trend Lower time frames: Price has attempted to double top the 167.855 however fell short on the second rally up at 167.444. Price has since continued down reaching low of 160.367 however no break and close below 160 for now. Price appears to be creating a descending broadening wedge which is a reversal pattern, it may play out to the target as a retracement or it could be the start of a bullish trend. Trading Plan: For now I will be looking to enter long position and as always will be looking out for a short scalping opportunity.
Long
by courtwann
GBPJPY New Entries + Exits (Best Reverse Strat Ever)My forex course regarding my strategy in full will be released this month! All likes/comments and feedback are very much appreciated! How to play my chart: Buy at support, sell at resistance. When you open this chart you'll see a green entry and a red entry. When the candlestick hits the green entry, you place a buy. If however that support buy doesn't go into profit and goes negative -35 or -60 pips (depending if it was a fast break/or if the break landed on a minute 15 zone), if it breaks you would then exit your buy and immediately enter the sell. You would then ride that sell down to green TP1, or you could then repeat and play the buy/break there. The same exact thing goes for resistance sell/break plays!
by ExclusivelyFX
3
0207 GBPJPY wkly plan sidways bfore new highHello traders, GBPJPY made a good trade for us last week with Reward to risk rate higher than 4. 2906 GBPJPY broken channel for sellers with RR>4 Just a simple broken channel strategy. Now taking back wkly chart to review, this pair's price action just a simple sideways movement above wkly EMAS. It would finish sideways on wkly chart soon to make a wkly breakout to new high, up to 173.30. The big pic ABC wave (orange) on wkly chart and the purple ABC wave on 4H chart are different. They provide different idea to trade. On wkly chart, you should wait for a breakout signal to follow buy. On 4H chart, you can buy when price pull down to make a correction, and target resistance zone . After breaking the resistance zone , you can follow the idea on wkly breakout strategy to trade. So your trading timeframe will define your trading timing. Anyway, I would prefer to buy this pair next week and make 4H plan first. Good luck!!! LESS IS MORE!
Long
by FUNTRADER-Vera
1