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!
評論
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So it did not retrace before heading up and hitting the target I set on the chart! But after re-analyzing this price action, here's the latest analysis. Unfortunately, I can't keep posting my updates analysis here as that would not be fair to those members who have put their faith in me to give them the most up-to-date analysis.
@EverythingForex Hi, Did the structure of your short call changed as it is giving any correction in the desired direction? Thanks for the chart.
EverythingForex
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@danrindia, sorry, I'm not sure I understand your question?
danrindia
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@EverythingForex, Sorry let me rephrase it properly. I wanted to ask whether the short call on GBPJPY still remains intact or its invalid now after the recent move? Although you showed in your recent post that it might go to 147 but before that you were expecting some correction so i was wondering is it still valid as those moves did not happened. Thanks
EverythingForex
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@danrindia, no, the short call we closed out on 6/25 for +483 pips profit. We had already opened the LONG trade on 6/22 before we closed out the SHORT but closed the short trade 3 days later after my re-analysis of GJ told me that this retrace was headed quite a bit higher and not a shallow one as I previously thought it may be. That is why I had delayed in closing the short trade. Markets are fluid and dynamic. No analysis can be relied on for days on end without changes. That is why I constantly watch the markets and analyze and re-analyze and make constant adjustments. I post updates to my charts to my paid subscribers twice a day and alert them of changes and significant charting events in real-time.
EverythingForex
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So it did not retrace before heading up and hitting the target I set on the chart! But after re-analyzing this price action, here's the latest analysis. Unfortunately, I can't keep posting my updates analysis here as that would not be fair to those members who have put their faith in me to give them the most up-to-date analysis.