THE PREVIOUS $GBPJPY TRADE PICK WAS STOPPED OUT FOR A LOSS.
IT WAS A BULLISH CYPHER, BUT WE HAVE ANOTHER OPPORTUNITY ON THE 1HR TO GET LONG TO THE SAME LONG-TERM PROFIT TARGET AT 176.00…
GBPJPY 1HR CHART
BULLISH SHARK PATTERN
THE SHARK PATTERN IS SIMILIAR TO THE CYPHER, BUT THE CD LEG ON THE SHARK IS MORE EXTENDED. THERE WAS SOME NICE BULLISH MOVEMENT TOWARDS THE END OF THE US SESSION (POST-NFP), INDICATING POSSIBLE SUPPORT AT THE KEY 88.6% FIB LEVEL (169.30). JUST BELOW THE .886 WE HAVE CONFLUENCE WITH THE 1.618 EXTENSION, WHICH IS ANOTHER IMPORTANT FIB LEVEL FOR THIS PATTERN. I SET MY STOP 20 PIPS BELOW THE 1.618 AT 168.75. IF THE MARKET BREAKS BELOW 168.75, I’LL LOOK FOR THE MARKET TO STABILIZE AGAIN AT THE LOWER FIB EXTENSION LEVELS.
I’M HOLDING THIS TRADE OVER THE WEEKEND BECAUSE I STILL LOVE THIS SETUP DESPITE THE BEARISH MOVEMENT THIS WEEK!
WHEN THE MARKET GETS REALLY CHOPPY IN THE REVERSAL ZONE (LIKE IT DID TODAY), IT’S USUALLY A SIGN THAT THE MARKET IS IN A “TRANSITIONAL STATE” AND POSSIBLY REVERSING TO THE UPSIDE IN THIS CASE.
STOP @ 168.75, ENTRY @ 169.30, TP @ 175.90
60 PIPS : 560 PIPS (RISK : REWARD)
I RECOMMEND TO LOCK IN PROFITS (OR CLOSE A PIECE OF THE POSITION) AS THE MARKET MOVES UP THROUGH THESE LEVELS:
171.27
172.70
175.00
DISCLAIMER: Trade these setups at your own risk. This post is an “educated guess” based upon my technical analysis. If you are trading live, limit your risk to 1% of your account balance. If you have zero experience trading, I highly recommend you start with a demo account before going live. Trading without a strategy and without risk management is no different than gambling. Please trade safe and responsibly!
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