On the 1h chart GBP/JPY is also above its 200 simple moving average (and 20, 50, 100). Plus when the price stays that long near a resistance area (the gap level) and prints a rectangle-like formation, oh boy, watch out for the powerful breakout that ...

Dragon Riders GBP/JPY

I am thinking of starting a trading journal soon, with live calls and specific stop/exit points. But right now let's make some money on GBP/JPY first. Come on you 142.20 short sellers out there, let it go and join the buyers, this is your last ...

Dragon Riders GBP/JPY

You have a breakout from a descending channel AND a bottom Head and Shoulders formation AND the price is above the 20, 50 and 100 simple moving averages (1h), what more could you possibly want my friend? THIS is the perfect setup Turning ...

Dragon Riders GBP/JPY

So basically you want to keep adding to an already losing position? Personally I do the opposite, If I buy at 1.2000 for example, I will add to my position only if the price is above that level. If it goes below then my stop will be hit and that's ...

Dragon Riders GBP/JPY

On top of a possible breakout from a descending channel, we also have an inverted bottom Head and Shoulders formation on the 30-min chart. Oh boy, the GBP/JPY is about to explode any minute now.

Dragon Riders GBP/JPY

Brexit will only confirm the up move and send the GBP/JPY into orbit, at Mach 7 speed.

Dragon Riders GBP/JPY

That's why Forex is called a zero sum game (actually it's a negative game, due to transactions costs). Actually I am taking money mostly from my broker, the little sneak is betting against me. But hey, what else is new...?

Dragon Riders GBP/JPY

We will see, we will see, hehehehe

Dragon Riders GBP/JPY

On the other hand I will be adding to my long position at 142.30. Hope you are not precisely the one doing the selling, I would hate to take money from a FF member. At the technical level, the GBP/JPY has almost completely reversed the ...

Dragon Riders GBP/JPY

Don't worry, some short orders just got triggered at the 142.20 level. Obviously a few traders still believe that GBP/JPY is going down. I was one of them just a few days ago but now we have a new reality that I can no longer ignore... Trade the ...

Dragon Riders GBP/JPY

The last few, die-hard short sellers are still fighting for their territory, but will soon run out of ammo.

Dragon Riders GBP/JPY

GBP/JPY is now 4 pips away from gap level, this is the moment of truth. Come on boy, fly like an eagle.

Dragon Riders GBP/JPY

According to the measured move principle for breakouts from channel formations, target for GBP/JPY is around 144.25 (about 200 pips higher than current price).

Dragon Riders GBP/JPY

But the pullback to the upper downtrend line has ALREADY occurred my friend, see 1h chart below.

Dragon Riders GBP/JPY

Experience shows that when a financial instrument (GBP/JPY in this example) spends too much time flirting with a gap level (here 142.30), it usually breaks it.

Dragon Riders GBP/JPY

I believe that this is exactly what will happen, the GBP/JPY is going to break that gap level for the third and last time and never look back.

Dragon Riders GBP/JPY

What makes you think that 142.20 is a resistance line that will send the GBP/JPY down? Just curious.

Dragon Riders GBP/JPY

After a price rejection at the gap level (142.30) the GBP/JPY is now back in the game, or so it seems. The breakout to the upside (from a descending channel, see my previous posts) is also still in progress. Short sellers beware, the GBP/JPY is ...

Dragon Riders GBP/JPY

Next stop 142.50, watch...

Dragon Riders GBP/JPY

Hi ForeoneX, Yes I am still long GBP/JPY at 141.64 (over 20 pips so far). Watch out if you are short, the breakout to the upside I was talking about seems to be real, at least for now...

Dragon Riders GBP/JPY