GBPJPY TRADES WITHIN AN ASCENDING TRIANGLE

GBPJPY currently trades within an ascending triangle after a hidden bullish divergence was noticed on the charts (shown above). The bias therefore remains bullish and price is expected to breakout north out of this containment.



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Markets Price Action and Formations: THE WEEK AHEAD JAN 27 - 31 2014. EURJPY EURNZD GBPCHF GBPJPY NZDCHF NZDUSD

 EURJPY appears to be offloading some of its over bought pressure. It is important to note that the recent rally of the jpy could even get stronger given that the move has triggered from a head and shoulder formation. We are yet to get a confirmatory price action confirmatory setup to go with the formation and if we fail to get it until price hits the horizontal/trendline support, the more dominant bullish trend should then continue.

 Last week, I had mentioned that the EURNZD was still within its bullish trend as price fell into its bullish entry zone. The trade room made bullish entries based on the setup and we are currently over 300pips up as we approach our conservative TP.

 GBPCHF has just broken through our bullish trendlines as its corrective sell-off seem to be flagging a change in trend. However, we wont be moved into any actions on this pair just yet until the trend clears out. We still carry a bullish bias on this pair as we wait for prices to offer opportunities to trade into them.

 The NZDCHF has continued in its more dominant bearish trend after a corrective sell-off on the head and shoulder price formation as indicated above. Price on this pair should continue to fall lower in the coming week

NZDUSD is trapped within a range but has been offering reasonable trade setups in the range. At the moment, we still await a bullish entry setup from the head and shoulder formed at range support.









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GBPJPY PRICE ACTION: Pivot Top Trade Setup

Fridays saw a very significant sell-off on the GBPJPY following the pairs inability to break above 156.00 Psychological Resistance, closing eventually below 155.00 psychological level. This scenario changes bias on the pair from bullish to bearish and also, the Pivot Top price Action Trade Setup is a Bearish Trade Setup. Entries would be sort on the 4 hour time frame to join this emerging bearish trend.

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GBPJPY PRICE ACTION: Closing price Reversal Update.

When I ran a commentary on this pair August 29, I did point out that the pair was expected to remain bullish and expected to aim towards 154 - 155 resistance zone. Price has now got there.

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GBPJPY PRICE ACTION: Closing Price Reversal Trade Setup pulls higher, August 29, 2013.

GBPJPY today, has pulled higher after the pair gave off a Closing Price Reversal (CPR) Trade Setup at the close of trading yesterday. It is expected still that the pair would aim to reach the 154-155 psychological resistance zones therefore, we will remain bullish on this pair yet.

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GBPJPY PRICE ACTION: Stranded Bearish Pin bar at Supply Zone. August 20, 2013

GBPJPY has a stranded bearish Pin Bar on its daily time frame, from its close the previous day. Price was however quickly rejected as it fell within its demand zone. The short term trend on the pair is marginally bullish but the 153.00 psychological supply zone had acted as resistance in the recent past and price is presently having difficulty breaking through - a situation that lead to the formation of the stranded Pin Bar (A Failed Break). For any reasonable bearish entries, we may have to see another clear failed break of the 153.00 supply zone.

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GBPJPY Price Action: Pin bar Trade Setup Pulls higher. July 15, 2013

 

I had brought the attention of my blog followers to the double Pin Bar on this pair in my trade commentary of the 12th of July, indicating that it suggested that the bulls were more in control of the market at that point. However, I got some emails and comments from some of my blog readers, contesting the efficacy of the trade setup. It is important to note that not all trade setups will lead eventually to profits, some will fail but we must endeavour to always trade what we see and not what we feel. 

My bias remains bullish and bullish entries still could be sort on the intra-day Time frames.

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GBPJPY Price Action: Pin bar Trade Setup. July 12, 2013

 

GBPJPY has been trading within its demand zone for just over a month and has shown reasonable reluctance in breaking through it, leaving room for a break towards the upside. This point of view is supported by the presence of a double Pin Bar from the last two days trading sessions. Bullish entries will therefore be sort on the intra-day time frames, if we get a reasonable Price Action bullish setup.

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GBPJPY Price Action: Pin Bar Price Action within Demand Zone. July 06, 2013

 

 GBPJPY got sold off after an initial break above its Key demand Zone. However, it faced a quick bearish rejection as buyers got interested in the pair once it came yet again withing that zone, closing the day eventually as a Pin Bar (A very significant Price Action Bullish Trade Setup). Expectations are for price to target higher prices in the coming week with immediate target towards Near Resistance and the long term target could see price reaching far into 155.70 zone.

GBPJPY Price Action: Pin Bar Price Action Setup, May 14, 2013

 

 The Geppy did rotate lower as expected, following the Closing price Reversal Trade Setup discussed in yesterday's commentary. However, I did advice we look out for buy setups at about support if price managed to rotate lower. We now have a Pin Bar Price Action Setup at the close of today's trading. The trend is still very bullish and expectations are for price to be pushed higher as a result of this setup.

My Recommendation: A long entry is favoured.

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GBPJPY Price Action: Closing Price Reversal Price Action Setup, May 13, 2013

 

The Geppy ends with a Closing Price Reversal Price Action Setup: An indication that the pair is in the running for some bearish rotations, possibly into the supports zone. Price Action Buy Setups should be sort on its approach into the Support or at its key support as shown above, if this setup plays out. 

My recommendation: Wait for price to move into support zone and seek for Bullish Price Action Setups. 

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GBPJPY Price Action: Closing Price Reversal Price Action Setup, 27/04/2013

 

In my last post on the Geppy, I mentioned that price had hit resistance following the previous Inside Pin Price Action Setup. Friday's Trading saw a significant sell-off on the pair and a subsequent Price Action setup: The Closing Price Reversal Setup. Expectations are for further bears in the coming days with supports at 149.90 - 147.60 zone.

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GBPJPY Price Action: Fakey with Pin Price Action Setup, pulls off 25/04/2013

 

The Fakey with Pin Bar Price Action Setup pulled off gracefully as it hits resistance as shown above. This bullish move had been anticipated following the Inside Bar price Action Setup pointed out on 22/04/2013. 

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GBPJPY Price Action: Inside Pin Price Action Setup, 22/04/2013

 The Geppy traded within the body of its previous candle but closed higher than its previous closing price, to suggest that the bulls are still very much in control. The Inside Pin Bar Trade Setup should aid the pairs attempt to reach resistance at about 153.40.

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GBPJPY Price Action: The Week Ahead, 14/04/2013-19/04/2013

 

GBPJPY pulled back extensively withing the week after an initial continuation of the more dominant bullish trend forming a counter Trend Pin Bar. Price may attempt to reach the Support seen at about  146.00 From where the more dominant bullish Trend could resume pending price Action.

 

The Daily Chart seems to also support the expected Rotation back into Support with the formation of the Pivot Top Price Action Setup. 

GBPJPY Price Action: Break of support, 02/04/2013

 

There has been a break of support on the pair. This support has hitherto seemed able to provide bullishness on the pair with the previous Inside Pin Bar Price Action Setup.  Expectations now fall towards more bears in the coming days on this pair.

My Recommendation: Look out for intraday or daily short setups to join this bearish trend.

GBPJPY Price Action: The week Ahead, 1/04/2013 - 5/04/2013

 

 There is a fakey setup on the weekly chart of the pair indication bullish possibilities. If this Setup is to pull off extensively, A bullish close should be seen at the end of the weeks trading.

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GBPJPY Price Action: Closing Price Reversal gaps down 19/03/2013

 

 In my last commentary on the pair, I posited that based on the setup given off at the close of trading on friday 15th March (The Closing Price Reversal Price Action Setup) that the pair now faced significant bearish pressure. However, many Traders didnt get the chance to ride down south today as a result of the huge gap given off as market opened. But during the trading day, we had a pullback closing this gap. If the pair fails to penetrate the resistance shown above once again in the coming day()s, we could be faced with a bigger selloff than experienced with the gap.

My Recommendation: Stay neutral while price stabilizes.

GBPJPY Price Action: Closing Price Reversal 16/03/2013

 

 There has been a massive reaction/rejection at the 145.80 resistance point, sending price lower and closing below the previously broken resistance at about 143.90. This has lead to the formation of a closing Price Reversal Price Action Setup. Expectation is for price to fall lower into support zone at about 138.90. Traders may want to join my Trade room to see and join in the way we will be trading this setup and its likes.

My Recommendation: Bearish entries with stops above recent high

GBPJPY Price Action: Inside Pin Bar Couples the Fakey with Pin Trade Setup, pulls off. 15/03/2013

 

In my trade commentary of the GBPJPY yesterday, We had a combo of bullish setups (inside Pin bar coupled with a fakey with pin) and based on that, I advised that we stay bullish while protecting profits as we approached resistance as shown above. Price has succeeded is clearing this resistance at the close of the trading day. Expectations are for price to target the next key resistance at about 147.90. At the moment, our entry approaches our usual 1:2 risk reward ratio.

My Recommendation: Stay bullish