My trade plan for 25th Feb 16 On GBP/JPY

I am looking to wait for price action  to rise back up to my one hour 55 ema, which would be 21 ema on my 4hr chart so long has the 21ema hold as resistance then price will return to fall once again.

GBPJPY Late one hour chart

As you can see on  my 4 hr chart, my stochastic is in over brought zone so I will expect price to rise back to the 21 ema

4hr GBPJPY late 24th Feb 16

If I see price retracing lower i will place a  sell trade.

 

Have a great day trading

 

 

One thought on “GBP/JPY Trade Plan 25th Feb 16”

  1. Ryan Gandalf van Jaarsveld says:

    Thank you Paul! I agree – we are currently at 55 EMA on H1 with EURJPY and USDJPY also at the 21 EMA on H4. I do like seeing this when the overall trend is bearish. Nothing leads me to believe that anything fundamental has changed though we did see a rise in the oil price after yesterday’s news so that might give investors a risk on sentiment today – stock markets are also up this morning. Having said that GBPJPY has an 88% correlation with GBPUSD and I don’t see why bears would be giving up on selling GBPUSD due to no new news coming out regarding Brexit (plus I think London is liking the GBP weakness). I also notice that Nikkei is heading to resistance on H4 which it has run into four times since the 16 February. I am a JPY bull so I am looking for continued strength today. I enjoy trading the Euro and London session because I get a glimpse of the market sentiment when Euro opens which gets me ready for an hour later when London opens. Have a great trading day!!

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