If you are looking for a bullish move on the GbpJpy this month, now is the perfect entry.
Support is holding at 139.5, which is also a 61.8 fib of the January rise.
We are at the Daily, weekly, and Monthly M2 so an order on in 3 parts could run to their targets = M4; day, week, month.
Consider upper areas of resistance when choosing exit targets.
Caution: lost of news this week- manage stops.
Caution: this is an aggressive buy in a down trending market )(based on weekly chart)
The charts in view are 5 min on left, 30 min center, 4 hr right
I am in at the gray circle around 139.350
If not in yet, look for a news trade retracement entry, or bounce off a daily m2 or central pivot.
the daily reward is 3, The weekly target is a 2 or 3 reward, and monthly is 8 reward or more, VS the stops I used.

3/8/2017 trade result. For me this was a net break even. 25p on my daily trade. (it went up about 50p from my entry.) Break even on my weekly trade. Small loss on my monthly trade. I had set my stops close as this was a higher risk counter trend trade.

upon reviewing in my journal, I was nervous about this trade from the start. I should have stayed with the trend, and waited for the counter trend trade to turn, and provide a better selling entry with the trend.

3 thoughts on “GbpJpy M2 Party”

  1. Joe urban says:

    Just to be Clear, This is a counter trend trade. Bears will want to sell this when it gets up to M3, and head for targets at the bottom of the range, s2, ect.

  2. Joe urban says:

    Sorry, charts are 30min, 4hr, and daily. ( i haven’f figured out how to edit posts yet.)

  3. Joe urban says:

    Another thought about bias. 2-4 am eater -london tends to set the daily direction, the first day or two tend to set the direction for the week, and the first several days tend to set the direction for the month. – Thus my counter trend bias.

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