GBPJPY trade 290615

Order: pending buy stop
Instrument: GBPJPY
Entry: 192.837
SL: 191.837
TP: 195.037
APP: yes
R/R ratio: 1:2.1
Signal: start of trading week gap fill/institutional sentiment bullish.

SL taken out: -10.67

GBPJPY trade 250615

Order: pending buy stop
Instrument: GBPJPY
Entry: 194.715
SL: 193.715
TP: 196.915
APP: yes
R/R ratio: 1:2.1
Signal: SSI is showing a strong turnaround to the upside so institutional money could well provide a significant bullish move/support at 194.000?

SL taken out: -22.23

GBPJPY trade 240615

Order: pending Sell Stop
Instrument: GBPJPY
Entry: 194.630
SL: 195.630
TP: 192.430
APP: yes
R/R ratio: 1:2.1
Signal: Bullish resistance holding back PA at 195.800/Contrarian SSI shows bearish tendency.

closed out: +5.61

GBPJPY trade 180615

Order: pending buy stop
Instrument: GBPJPY
Entry: 195.744
SL: 194.744
TP: 197.944
APP: yes
R/R ratio: 1.2:1
Signal: large bullish candle/continuation.

SL taken out: -10.52

Sticking to your guns

Below is a screenshot of a prior GBPJPY trade which I manually closed on with a profit of 8.54. This was ok, however now in hindsight it was a mistake. My R/R ratio is factored into my plan, so I should have allowed it to continue. This error of judgement cost me 2 losses equating to 21.18.

As of now the pair is sitting around 191.520, the SL would have been safe where it was and the PA nearing 70% towards the TP. Mind you the opposite can happen and you could be keeping some profit just before having your SL taken out in which case you'd no doubt be thinking it a close call. It is always easy to make judgements on hindsight. Right?

Overall I think it best to just hang on with the trade and ride its ups and downs. This is the courageous approach. No one really knows which way the trade will eventually go, especially with a temperamental beast such as the GBPJPY on a D1 chart. Whipsaws and fakeouts are just part of its territory, wherein it can make a valid retracement correction with one candle at times. However despite this it has its merits. Not least of which is its impressive high volatility moves.

GBPJPY trade 100615

Order: pending buy stop
Instrument: GBPJPY
Entry: 191.712
SL: 190.712
TP: 193.912
R/R ratio: 1:2.1
Signal: Bullish long shadow candle/192.000 resistance breakout.

TP taken out: +23.65

GBPJPY trade 080615

Order: pending Sell Stop
Instrument: GBPJPY
Entry: 190.577
SL: 191.577
TP: 188.377
APP: yes
R/R ratio: 1:2.1
Signal: Bearish engulfing/rebound from prior resistance 192.000 area.

SL taken out: - 10.68

GBPJPY projection 2

As of today the GBPJPY W1 161.8 fibonacci level query posted on the 270515 is now a confirmation.

GBPJPY projection estimate

Using the the MN high, low which is 121.091 and 116.834 respectively; price action on the GBPJPY has passed the 50.0% and heading towards the 61.8/198.500 fibonacci level.

Given inevitable interim corrections on the lower D1 TF the overall strength of the cable is looking good. Will therefore a PA encounter with 61.8 be plausible? Time will tell.

GBPJPY trade 050615

Order: pending buy stop
Instrument: GBPJPY
Entry: 191.788
SL: 190.788
TP: 193.988
APP: yes
R/R ratio: 1:2.1
Signal: pending fundamentals

SL taken out: - 10.50

GBPJPY trade 020615

Order: activated pending buy stop.
Instrument: GBPJPY
Entry: 190.184
SL: 189.184
TP: 192.380
APP: yes
R/R ratio: 1:2.1
Signal: Bullish breakout above 2 previous D1 highs.

Manual close: +8.54 profit.