Confessions of a Forex Trader

The GBPJPY is trading in a very clear bearish market condition, it is trading below the LT resistance level indicating that it is safe to look for short opportunities as long as the GBPJPY trades below 132.89:

I’ll look for short opportunities around the shaded area.

Trade Safe!

Raul Lopez
Forex Training

Since last week that the GBPJPY is trading in a bearish condition, now that we don’t have important announcements (at least today and tomorrow) I’m going to look for short opportunities:

I’d like to see how it behaves around the ST resistance level, if the GBPJPY forms a significant pattern with downward pressure around the ST resistance

level, I’ll definitely go short.

Trade Safe!

Raul Lopez
Forex Training

Now that the US interest rate has been officially announced (no change), we need to get ready to resume our trading…

The GBPJPY is one of the currency pairs that I like the most today, it was trading around an important LT level, but earlier today it broke through the ST resistance level triggering its bullish condition:

It is also trading above every important level in the ST charts.

Trade Safe!

Raul Lopez
Forex Training

The GBPJPY is trading in very clear bullish market condition, it broke through an important LT resistance level and the next one is at 137.40, so we have enough room to get a trade with a good risk-reward ratio:

As long as the GBPJPY keep trading above 135.33 I’ll be looking for long opportunities.

Trade Safe!

Raul Lopez
Forex Training

First of all, I really hope things in Japan get better, must be very difficult for them to deal with a nuclear crisis just after an earthquake and a tsunami last week…

Usually, when there is a crisis in one particular country, its currency tends to lose value against others, but that hasn’t been the case for the JPY, it has gained value against all of them: USD, EUR, GBP, etc… Some analysts say Japanese investors  are buying their currency to fund rebuilding projects, some others say speculators are becoming increasingly confident about pushing the currency pair, but to tell you the truth, all of them are playing the past prophet, its always difficult to determine how the market will react to unexpected events. Sometimes it goes up and sometimes it goes down, all we need to do is just follow the market.

Earlier today, there was a signal in the GBPJPY to go short (I was asleep though and wasn’t able to take it):

It was a pattern with downward pressure, it was significant and was formed at an important level.

Trade Safe!

Raul Lopez
Forex Training

The GBPJPY is trading in a very strong bearish market condition, I’ll be looking for short opportunities:

The next LT support level is at 126.65, more than 450 pips away from where it is currently trading at.

Trade Safe and have a good weekend!

Raul Lopez
Forex Training

The GBPJPY is trading in a bullish market condition, it is trading above the main support level and it is likely to continue its way up until it reaches the next LT resistance level at 137.40:

I’ll keep looking for long opportunities as long as the GBPJPY keeps trading above 134.34

Trade Safe and have a great weekend!

Raul Lopez
Forex Training

The GBPJPY is trading in a medium term range in between 132.28 and 129.85:

I wouldn’t consider taking short opportunities because it is trading in a bullish market condition. My strategy here would be either: wait for a break out and look for long opportunities, or wait for a retracement to the bottom of the range and look for long opportunities.

Trade Safe!

Raul Lopez
Forex Training

This is why a like to trade the GBPJPY, most of the time it stays in the same market condition for days and even weeks. The GBPJPY its been in a bullish market condition since last week, allowing me to increase my trading size and make larger my winning trade:

It is trading in a bullish market condition and its next LT resistance level is at 133.91, it is currently trading at 131.63, so we still have more than 200 pips before we hit the next resistance.

Trade Safe!

Raul Lopez
Forex Course

The GBPJPY was rejected from a LT support level and now it is trading in a bullish market condition. The good news about this is that the next LT resistance level more than 450 pips away from where the market is currently trading at:

It is also trading above every important level in the short term charts. Only long opportunities will be considered in the GBPJPY.

Trade Safe!

Raul Lopez
Price Action

The GBPJPY is trading in a bearish market condition, it broke through a very important LT support level (current year low) and it is heading quickly to the next LT support level around 120.31:

As long as the GBPJPY trades below 126.11 I will be looking for short opportunities.

Trade Safe!

Raul Lopez
Forex Training