Master the IBWT pattern

Want

Get it now (risk-free)

8 patterns that make up 98% of my PA income

Get it now (risk-free)

Learn the Scalping Secrets

Get it now (risk-free)

Read on Mobile Enter Reading Mode

GBPJPY Trading Setup

Posted on Oct 30th, 2016

by colibritrader

GBPJPY Trading Setup

The probability of a November FED hike is only 17% and of a December FED hike- 69%. The FOMC meeting on Wednesday will be the market moving event for this week.

by: Colibri Trader

Past week saw some minor moves. The US presidential election is days away (8 November) and the markets are becoming more nervous. The trading idea from last time did not perform exactly as expected. The USDJPY did make another high before settling down to the levels of 104.65. It has been a fast reversal and maybe a fake breakout. I prefer not to re-enter in a short trade and will wait on the sides until the dust settles.

GBPJPY Trading Setup

Today’s trading idea is coming from the GBPJPY pair. There is a major resistance area that was re-tested by the pair and now it is looking down towards the next support level at 124.75. The daily price action setup is an evening start- 3 candle formation. I will be looking to go in a short trade at 127.70. My stop loss will be the level of 128.65. My target will be the level of 124.75.

Happy Trading,

Colibri Trader

Leave a Reply Cancel reply

Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Colibri Trader Ltd, its employees, directors or fellow members. Futures, FOREX, CFDs, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures, FOREX and CFDs markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot forex, cfd's, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.