This is interesting. GBPJPY hit a six sigma event in the trading world. It broke the 151.63 (low end of its range last week) and then went all the way to downside overshooting between the 1.5-1.618 extended downside move. (It fell intraday low of 145 and is currently on the reversal bounce. Currently 152.80 as of writing
GBPJPY daily shows us we have plenty of ways to milk this cow. The longs are strong however so I suggest going long near 149.63-150 if ever the trading gods give us entries! If you caught the longs at the 145-150 move. Congrats! 500 pips already and still plenty of rewards. 163.80 ain’t impossible but the 157.33 might give a selling area zone as well. Gotta watch that. Too close to call if we get a rally for selling too.
Very strong longs with the gapup. Hopefully we can enter in the gaps or make small sized long positions given strong upside of 500 pips at 157.33 area even if “entry of 152” is imprecise. Just small size if the stop is wide at 148 areas. I am not assuming we visit the 145 extension move anytime soon.
I placed an entry at 152.00 (sana mabigyan ako but I will modify my long order within the next hour or so if I really can’t get done) My target price is 157 and my stoploss is 148.30
The nearer I can enter from the gapup zone, The better 😀
Here’s the weekly pattern of $GBPUSD. It’s in a box. No matter the brexit, It’s basically priced in. In fact as early as Thursday night, nobody cared about Brexit fears.
GBPUSD daily shows us that its threatening a possible box breakout to the long side.
600 pips for GBPUSD from the lows. We’ll see the 1.4439 as a higher low support and a possible low risk entry in case we get any pullbacks before it makes a breakout move from the Jan 22- Jun 2016 box 😀
- Faceless Trader