GBPJPY pair is currently touching H4 21EMA.
As a trend trader, I must consider selling this pair from 21EMA.
The price action on Hourly chart also looks interesting – Role Reversal Resistance, and DR1 can be another resistance. One concern is the price already broke 55EMA. So there is a chance that the price could continue to go up. Also, as a spot trade, I should not look for Big Win with this trade. Perhaps the target should be double bottom (169.30) or higher.
As a trigger, let’s wait for Lower Low, and preferably the break of DPP would be better. Then we can sell from the retest of DPP.
If the price continues to go up… well, that’s OK. Let’s just let it go, and look for another setup!
YJ Baik – Forex.Today @ Tokyo
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3 thoughts on “GBPJPY Spot trade setup (Jan 13)”
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10x YJ.
By the way, do you have a link for your pivot points? A friend of mine is asking for them, but I forgot where they could be downloaded.
Hi Dimitar,
I use 2 different Pivot Point Indicators.
One is called Pivot Point History (http://mt4indicators.weebly.com/)
Another one is called ZMFX All Pivot Levels (http://www.forexfactory.com/showthread.php?t=330986)
Hope this helps.
-YJ