We believed that price was on its 5th wave hence we went long, ideally to close the position at 195. However, we only managed to ride till 193. Risk reward for this trade is 3
GBPJPY is still trending up and currently supported by 191.5 with a pin bar signal detected. Price is still making higher high on a daily basis, hence we took a long at 191.83 with stop loss 191.36, take profit 194.95 and risk reward 6.5.
I have decided to take profit close to 192 level since market is closing for the week. For this trade, it is a net gain of 1.5% of equity.
I decided to long GBPJPY at 191.15, with stop loss at 190.65, take profit at 192 and risk reward ratio is 1.7.
I took this position before NFP release. I was long because 191 level offers a good support and higher high has been established. Price is supported by 191 level and short term upward trend line at the same time. The only concern i have is NFP volatility.
I added long GBPJPY at 190.584. My stop loss is at 190.27, take profit is at 195 and risk reward is 13.
GBPJPY is currently supported at 190.5, decided to add to my previous long GBPJPY position. As observed from USDJPY and GBPUSD, JPY is weak while GBP is still strong. This entry is not based on a pin bar signal, i felt that it is a decent entry since there is a confluence of 190.5 support as well as short term rising trend line. One concern is the sharp drop of close to 30 pips an hour earlier.
As for my previous long GBPJPY, i have tightened stop loss to 190.27
I went long GBPJPY at 190.415, stop loss at 189.9, take profit at 195 and risk reward is 10.
GBPUSD daily chart shows a bullish engulfing while USDJPY is still moving higher. Hence I favor going long on GBPJPY in view that GBP will strengthen and JPY will depreciate. On GBPJPY 30mins, there is also a pin bar signal for long entry, price is also supported at 190 level.
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