GBPJPY pair is currently touching H4 21EMA.

As a trend trader, I must consider selling this pair from 21EMA.

2016-01-13_18-20-31-GJ1

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.

2016-01-13_18-21-39-GJ2

 

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.

2016-01-13_18-22-52-GJ3

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

 

 

3 thoughts on “GBPJPY Spot trade setup (Jan 13)”

  1. Dimitar Ivanov says:

    10x YJ.

  2. Dimitar Ivanov says:

    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.

    1. YJ Baik - Forex.Today says:

      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

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