Forex Trade Review: GBP/JPY Long

Big move higher for Guppy after the break of the ascending triangle forex pattern, and with the weekend quickly approaching I decided to take profits.

Original Forex Trade Idea: Ascending Triangle Break on GBP/JPY

GBP/JPY 1 Hour Forex Chart

GBP/JPY 1 Hour Forex Chart

The swift move higher after the break was a product of positive UK manufacturing PMI data and weak Japanese data, including the dip lower today in Japanese leading indicator data. Since the pair was not too far away from a major psychological level (190.00) and the weekend was quickly approaching, I thought I’d take the fast move as a gift and lock in profits to avoid weekend risk.  I closed manually at 189.31.

Total: +281 pips/ +0.86% gain

I’m not yet done being long GBP/JPY, but I think after today’s quick move higher, there’s a chance for a pullback on profit taking ahead of the weekend, so why not lock in the gains?  I’ll do some reassessment of the markets and probably lay out some buy orders on Monday, but until then I’ll enjoy this small win that my account needed.  Thanks for checking out my blog and have a great weekend!

  • ForExchange

    Wow you are on a nice streak there! Back to back wins. I suffered some of my worst losses after such winnings. Pay attention and protect them.

    Have a nice weekend,
    FE

    • Cyclopip

      Yeah, I’ve had a few small wins lately, but I still got a long way to go to make up for those terrible EUR/JPY ideas haha. Have a good weekend, shake off those losses and as always, thanks for the supportive comments!

  • Derrick Tan

    yes I closed it at 189 too. But I am not done yet..waiting for retracement first to ride the uptrend again

    • Cyclopip

      Greetings Derrick and congrats on locking in some profits. It’s dropped down to 188.50 and that seems to be holding well there. I think I’ll wait for now before dipping a dipping a toe in… what about you?