2025/02/18 GBP/JPY Strategy
Starting right at the point where we’ll see whether price breaks out of the range formed yesterday, from 190.66 to 191.33.
If it fails to break above the range high from here, I’ll go short.
For a short, as I wrote in the weekly strategy, I’d like to target the line around 189.7.
If it breaks above, the target is around 192–192.4.
Review
The day was ranging throughout, with price moving up and down.
Basically, this was a day where you could profit from the battle at the upper edge of the red box drawn in the morning strategy.
If you entered according to the strategy, there were the following 4 spots.
○1
On the 15-minute chart (M15) it looks like a breakout entry, but on the 5-minute chart (M5) it’s a buy from the point where a pullback is forming.
○2
A buy from the role reversal on the 15-minute chart (M15).
Here, price fell just short of 192, which I had written as the target.
○3
A sell from the range high support/resistance (S/R) after price dropped back into the range.
If you didn’t take profit where the move stalled at the next line down, you’d get stopped out on the subsequent rise.
○4
This is a buy from the support/resistance (S/R) after price broke above the red box again.
The best timing is around the red circle, but entering a little earlier and holding also works well.
In terms of timing, this was around 4 am JST (19:00 UTC the previous day), so it’s a bit tough for those trading on Japan time.
This article reflects the author's personal view of the market. It does not recommend any specific trade; all investment decisions are your own responsibility.
