GBP crosses/Trade Ideas

GBP/JPY: Sticking with the short trade

I sold smalls on Friday at 142.40, and yet again I find my ability to pick a good entry level somewhat wanting. Nevertheless, I still like this trade. I can visualise EUR/GBP trading up near .8800 again and I also think EUR/JPY is way overbought and much more likely to see 116 again than it is to see 126.

But I’ve been wrong on many occasions before and will be again so I’m keeping the position size small until I start feeling a bit more confident.

My profit target on the balance of my EUR/GBP long was hit on Friday night and otherwise I’m still running a small EUR/CHF long, having booked profits on the majority of that trade.

 

  1. Hi, Sean, g-jpy seems lack of mometum as cable fall down. g-j got a lower low 139.2x at 21% fib. This pullback may hit 135 or 134.80, 38% fib.

  2. There’s a broadening top and momentum divergence on USD/JPY daily chart. However, Japanese Government manipulating JPY.

  3. Good evening Sean,

    The last friday, I was worried with my GBP/JPY position at 142.67 but I am still in. USD/JPY hasn’t stopped its rise. Let’s go for new week 😉

  4. Hi Papillon, we may well get some range trading now 14250/14400 before hopefully lower? I will cover 1/2 even though position is small if we get back towards 14250 then hope to re-sell at better levels. That’s current plan but lets wait n see what the Europeans have in store for us

  5. it’s lucky for me to stand aside to trade cable last friday Sean. something feels wrong when price goes up before gdp release.

    just posts my outlook for cable. looks like we are in wedge formation? i will only go long if price goes back above 200 WMA (1.5852)

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