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GBP/JPY Price Action

Posted on May 19th, 2015

by colibritrader

Dear Price Action Traders

The price action trading idea from yesterday was great and bad. First of all, I had a long signal after a correction. The direction was right, but buyers were more impatient and started buying faster than I expected. I was expecting a small correction, but it did not happen. During the day, I took a small long position in DAX according to my trading strategy, that I have revealed in my trading course. I took the trade off the 4 Hour chart, instead of the daily.

Today, I am looking at the FOREX market. GBP/JPY currency pair is showing some positive signs for more buying pressure. The daily candle was a bearish rejection, which ended up as a pin bar. That, plus the general uptrend is giving me more affirmation to go long at an appropriate place. I am looking to buy GBP/JPY at around 187.17. My stop would be placed just under the nearest swing low at 185.85. My first target is the level of 189.00 and then 190.00. From then on, it all depends on price action.

Happy Trading,

Colibri Trader

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