Did you do that? Did you just pocket +710 pips in pure profits trading GBPJPY
? Well, if you had been reading and following me, you could have! In my last post on this pair back on June 6th
(see this post: , I showed you that prices were still dropping and should get to around 139.500 before turning and retracing to about 143.300. Well, prices DID drop as I predicted back then but dropped a bit more than I expected to around 138.700 before turning. We were SHORT all the way down to that point however, I failed to immediately recognize the bottom and kept my short trade too long. I ended up watching the reversal eat away hundreds of pips of profits but ultimately did close that SHORT trade and STILL manged to pocket +483 pips! Nothing to complain about! Those that trusted me certainly LOVED that trade! But even before I closed that SHORT trade, I did recognize that a full-on retrace was happening and advised to open a LONG trade back on June 22nd. Well, that worked out great also as we just closed it when it hit the TP I had set for this trade to the tune of another +227 pips profit! 2 trades. +710 pips profit!
But now that all that is done, what do I see for this pair ahead? Remember, I'm telling you this now so you have no excuse that you didn't know! I had identified a Bat and a Crab pattern
when the retracement got underway. They both got filled today. And that is the reasons why I had set my TP for the LONG trade where I did. But now that they are both completed, we should see profit out of both in the form of a drop back to the TP1 of both patterns. But this ISN'T the right time to be selling unless you are after small pips. No. I am projecting that this correction is not yet done with the completion of these patterns and that prices still will be heading higher as you see on my chart.
After it does that, then we will have a proper price action SELL setup. And the next move back down is a resumption of the larger down trend and that can give us another HUGE payday! Want more info on how you can pick up pips like I do? PM me!