GBP/JPY: There is the Breakout

The pair has just broken the support trendline and I'm hoping to see a test to 151 support, which is the AB projection from C. The pair almost broke the resistance earlier actually, with the QQE indicator also breaking the trendline. However the price failed to give a clear breakout and I decided not to enter.

Ok now, the outlook is bearish, but choppy movement should be anticipated while Cable still moving north. Have a nice day guys..

GBP/JPY: New Channels In Hourly Chart

Since the pair has broken the downtrend channel, we gotta need new chart setup. Right then.. here you go. Please look at the screenshot. I started by connecting PL (previous low) and HL (higher low) to get the current uptrend trendline. Next, I draw trendline from PH (previous high) to HH (higher high). Then I make a parallel trendline of PH-HH from PL to get an equidistant channel. Wow..I'm a bit confused myself :D Bear with me for a minute ok. I also draw another trendline from HH to LH (lower high), and put a parallel one from PH (previous high) to create another channel. Phiuuhh... Man.. that was exhausting.. Maybe its better if you just take a look at the screenshot ;P Happy trading guys!

GBP/JPY H1 Chart: Sell No More

The downtrend channel on hourly chart was broken again for the second time yesterday. The 30 EMA has crossed above 50 EMA also. However, the pair did make a lower low since my last post. Support for now is the Wednesday low at 149.02. I don't know the pair direction for now while the it still seems like a downtrend in 4 hour and 1 day time frame. The latest NFP will be release later on US session. Ok! Got to go now. ;D

GBP/JPY H1 Chart: Sell Again

Above is the updated screenshot of my last analysis for GBP/JPY in hourly TF (see post). The pair touch the resistance trendline again and I took it as entry signal for another short position. I also add outer trendline to measure the deviation. This can be the tolerance limit for SL if the pair break the inner trendline.

Looking at yesterday's performance of GBP/JPY, the sellers lose the ground after the pair touch 150.16 with another low at 150.05 after a few candles. The sterling had been in favor through the Europe and US sessions. As for today, well, we'll see.. :)

GBP/JPY H1 Chart: At Resistance Trendline

GBP/JPY seems to find its support for now at 151.05. The pair has been retrace since and reach the upper trendline which give opportunity to sell again. Stop loss is limited to around 153.29 (current high & 50% retracement). First target is 151.05 and, hopefully, break that support until 146.8x :) See the chart and my previous post ok! Byee..

GBP/JPY : Break Below

Using my last chart setup, the pair has broken the trendline in Daily as well as in H4 candles. Below are the screenshots. Nothing change about the target, which still around the next support near 38.2% Fibonacci retracement at 145.86. Risk can be limited to yesterday high around 153.55. I think its about time to see a strong trend after sideway since August 17. I certainly hope so :) I'm off from my laptop for an internship interview until euro session I think. Ok, thats all. Happy trading guys!

Daily Chart

H4 Chart

GBP/JPY H1 Chart: Dare to Sell?

The pair touch the resistance trendline and seems like a good opportunity to sell. Target is around previous low with stop loss above the resistance trendline. The pair had broken the support but failed to sustain below it after a better than expected news series on Euro before on European session. Above the resistance would bring retest of 157.36 resistance.

GBP/JPY H1 Chart: Going Down?

The pair reached the resistance trendline and could go down to the support trendline. 30 EMA also still below 50 EMA. You can also see that the QQE indicator crossed above and below 50 level in this kind of market movement. The range seems to tighten up in H1 chart, which is kind of exiting for me. Why? Because after this we can expect a breakout in either way and hope for a nice movement :) Meanwhile, lets enjoy the sideway shall we..

GBP/JPY Daily Chart: Reverse or Extent?

I drew trendlines on GBP/JPY Daily chart just now and got this as a result. I also tried to count the movement from the bottom and added 30 and 50 EMA to visualize the trend. 30 EMA has been above 50 EMA since March and I count 5 significant waves. For now, the pair formed double top with support at current low and 'wave 4' low. The selling point should be below the first support with target at the next support (wave 4 low). Or, buy the pair now with risk below the first support and target the upper channel or even the 161.8 extension of wave 3 and 4 Which one? Buy? Sell?? As for me, I would like to see the pair breaks that support and fall :) Well, lets wait and see! Bye..!

GBPJPY Weekly Chart: Bounced & Close Below 30 EMA

Since my last post, the pair has reached as high as 162.58 before going down again to 154.05, which gave support for the pair. However, after sideways for the last 3 weeks, it went down for 1,000 pips this week. The pair also closed below 30 EMA, meaning that more down should be anticipated for the following week. The pair almost touch 38.2% retracement of 118.80 (low) to 162.58 (high) at 145.86. The target remains the same which is the 50% retracement at 140.69 area. That's all, have nice weekend. Take care..

GBPJPY Weekly Chart: Bounce Off 50 EMA Resistance

The retracement from 118.80 may come to an end as the pair has touch 50 EMA on weekly chart, or 38.2% retracement of 215.85 to 118.80 with 'high' at 160.45. Potential target for short is the 50% retracement of the retracement at 139.63 and may extend to test the 118.80 'low'.

Entry: EUR/USD Short

The pair touched 76.4% Fibonacci retracement level of 1.3391 to 1.2881 just and bounced for 50 pips now. I sell the pair at 1.3225 with Stop Loss around 1.3400 area and targeting it lower trendline around 1.2550 area. However, first support might be seen at 1.312x area near 50% Fibonacci level (see H1 chart). I'm not really sure if the pair has found its peak actually, but I have my Stop Loss. And I have to take risk right? :)

Daily Chart

H1 Chart

Entry: The Channel is Broken

I sell GBP/JPY just now at 142.28. The pair broke the uptrend channel on 4 hour chart and had retraced to test the channel. The first target is 38.2% retracement of 118.80 to 151.52 at 139.02 and 50% retracement next at 135.16. Below are the daily and 4 hour chart. Stop loss set at 144.50 area. I tried to confirm my analysis and I found one that is similar by "GJ Trader". Check the post here to get second opinion :)

Daily Chart

H4 Chart

It's been a while since my last post. Trading result had not been good with false signals on 30 EMA system (hourly chart) and several gambling trades :P I am still ahead of my monthly target though. Well, that is all guys. Bye :)

Entry: GBP/JPY at Resistance

Ok, this is definitely my last entry this week. GBP/JPY is at one of its previous highs at 148.58. The pair also almost reach 30 EMA on weekly chart. I entered short looking for 200 pips with stop loss at the resistance area. That's all. Bye.

Entry: EUR/USD Short For 50% Fibonacci Retracement

It turned out that I was not done for this week :P I entered short on EUR/USD last night. The pair touched its channel resistance and has been moving sideways. I entered at 1.3478 with stop loss around 1.3520. 38.2% retracement is at 1.3382 which is 100% projection of A to B while 50% retracement (1.3340) is at the broken resistance. I pretty sure this is my last trade this week. I also look forward on how the market react after tonight news. That's all guys. I'll update later. Happy trading!

Entry: EUR/USD Bounce From 50% Retracement

The pair bounced off the 50% Fibonacci retracement of 1.2481 to 1.3737 last week and still hold the support. Higher lows has been formed since then. I have made some trade with entries at the support trendline. Buy signal appears today based on the 30 EMA system on hourly chart. However, TP level will be higher this time. Instead of fixed target of 65 pips, I want to try 1.34 and hopefully will be done this week. Below is the screen shot.

H1 Chart

H4 Chart

On daily chart, the 30 EMA which is near the 50% Fibo level seems to provide strong support. In other words, it is a buy signal also! :P I think EU may test the previous high or that resistance trendline at 1.3737, but 1.3400 is fine for me :)

D1 Chart