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GBPJPY Trade Setup (Dec 1st)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-12-01_12-54-34-GJ3

Dear Traders,

GBPJPY pair is now facing the thick Bullish Cloud on Weekly chart.

2015-12-01_13-03-22-GJ0

 

Also on Daily Ichimoku chart, the price is struggling in the cloud, but the exit is in sight.  I am expecting the bottom of the cloud will serve as Support.

2015-12-01_13-04-11-GJ001

 

Here is the regular Daily chart.   The current price (185.30) is on the support, and Stochastic has just crossed up and about to go above 25%.

2015-12-01_12-53-25-GJ1

 

Yes, I would like to buy this pair.

However, H4 Stochastic is already overbought, and the price is still riding 55EMA down.  Riding 55EMA expects Higher Low or Double Bottom.

2015-12-01_12-54-34-GJ3

Thus I will look for the Long opportunity when the Stochastic turns into Up-Cycle. (Perhaps 4-6 candles away… meaning 16-24 hours away!  :)

Please make sure the price is either forming Double Bottom or Higher Low (not Lower Low), before entering the Long trade.

 

Hope this setup helps you build your own setup.

 

YJ Baik – Forex.Today @ Tokyo

 

 

3 comments on “GBPJPY Trade Setup (Dec 1st)”

  1. Profile photo of Artem
        December 1, 2015

    Thank you YJ

  2. Profile photo of Dimitar Ivanov
        December 1, 2015

    YJ, what is the THV Trix idicator for? Would you mind sharing?

    1. Profile photo of YJ Baik - Forex.Today
          December 2, 2015

      Hi Dimitar,

      You can find the information about THV (as well as downloadables) from http://www.forexfactory.com/showthread.php?t=127271

      This is the custom indicator (Free), and I kind of like it.
      If you need some more information about THV. Let me know.
      Also here is the video talking about THV…
      https://www.youtube.com/watch?v=xEpGbyN1C5U

      -YJ

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