Get started

Gbpjpy_outlook

GBPJPY DivergenceGBPJPY has been in an up trend channel for a while and all the while the indicators have not confirmed the move. As you will notice the MACD and the RSI have been making lower highs while the price action has been rising. This is the definition of divergence or non-confirmation which suggests that the rally will soon come to an end. A lot of times knowing when the actual high is upon us is the hard part thus making it difficult to execute a trade with confidence. That is where the rising channel comes into play. Price has made its way to the upper part of the rising channel and is finding resistance which if these levels hold will provide a ceiling from which price can move lower. At this point the risk to reward appears to be favorable for a short trade given the price action that we saw on friday. So long as price can stay below the recent high then I will be targeting the lower trend line.
Short
by Andy_Garcia_CMT_CFTe
2
GBP/JPY Long Opportunity...Triple Bottom...Channel BreakGBP/JPY has provided some incredibly easy trading opportunities over the past couple of weeks and it's time for another one. Unfortunately I wasn't home when it hit the bottom of the channel earlier so I missed out on 150+ pips but it is what it is. Currently, there is a triple bottom on the 4 hour as well as a close above the descending channel/flag. The Daily candle also closed above the previous day for the first time in a while and it closed above the channel as well. I got an entry at about 148.7, right after a re-test of the channel on the 1 hour chart (since the 1 hour chart highly respected this channel as well with only 1 false breakout) and have since set my stop loss to break even and I will let this ride to around 150. If price comes back down to re-test the channel I will look to see how price reacts there and while my bias at the moment would be a long, I will consider taking a short if price falls back inside the channel. FOLLOW ME! Tell me what your analysis is on G/J in the comments section below.
Long
by Jabest
GBP/JPY SHORT based on a descending channelIt looks like it might be time for GBP/JPY to come down a bit again. There is an extremely well-respected descending channel and potential flag on the 4 hour chart. TELL ME IN THE COMMENTS SECTION WHAT YOU GUYS THINK ABOUT GBP/JPY CURRENTLY! PLEASE NOTE: I am starting a compound challenge where I will attempt to turn $20 into $10,000 by doubling my account (while risking 50%) for 9 straight trades. This is why my take profit is set where it is. In reality I would be looking to TP at the bottom of the channel but if price rejects at the previous low it would create a triple bottom and would likely break the channel on the next move upwards. Only time will tell. PLEASE ALSO NOTE: I don't use stop losses unless I am locking in some profit. Therefore what I will be looking for is a 4 hour candle close above the current descending channel to signal a break and an exit for me.
Short
by Jabest
G/J At A Critical Point There is a 1-hour descending channel currently which makes it appear to be a good short opportunity at the moment. However I will wait for it to break the current uptrend on the 5 min. chart before I enter a short. The higher time frame charts are indicating a possible long entry as well so if the channel is broken it could be a very good opportunity to go long on G/J now. Wait for confirmation to trade. For best case scenario: 1. Wait for a trend break either way 2. Wait for a kiss of the previous trendline and/or a close below the low of the breakout after a pullback.
by Jabest