Possible trade in the GBPJPY
Hey trader, how is your trading going so far this week? What currency pairs are you trading?
Please don’t tell me the EURUSD…
I know you like to trade the EURUSD because of the spread, but take a look at it, specially at its short term charts… its all over the place.. .
No clear support and resistance levels, no clear swings, I don’t see anything clear on that currency pair.
So please, if you only trade the EURUSD, expand your horizon, you’ll see that there are better opportunities.
The GBPJPY for instance…
On my last article I mentioned that some of the JPY crosses were trading in a clear condition, well, the GBPJPY is one of them…
GBPJPY Long Term Analysis
Let me show you the long term chart:
It’s got everything you need in a long term chart, to make you feel comfortable trading it: clear levels, clear swings, clear everything.
So its clear that the GBPJPY is likely to continue its way up… and what do you do with this? You know the answer to this question right?
Look for long opportunities.
But not here, we need to look at the short term charts.
GBPJPY Short Term Analysis
Here is the 15 minute chart:
It’s got a clear range, so I’d definitely take a breakout trade here… My entry is 174.83 + spread, my stop loss is at 174.45, and my TP is at 179.60.
Note: THIS IS A PENDING ORDER, NOT A MARKET ORDER.
A pretty good risk reward ratio ha?
What currency pairs are you trading/monitoring?
What do you think about my GBPJPY signal? Are you going to take it?
Share your thoughts!