GBPJPY - Still waiting?!

Good afternoon ladies and geltlemen

I hope you have all had a wonderful day in the market so far, trading with caution as today and tomorrow are big for fundamentals with NFP out tomorrow. You may know by now that I tend to stay out the market around this time unless I am convinced with a set up.

So down to business. On our watch list for this week we have the GBPJPY. Yesterday we thought we had maybe got the C.O.E to see a move South but the SM would have always been cautious. With the strong RN present, we may have anticipated a retest before a move South. We were right on the retest, and if you were up early enough you may have taken the trade and made a small profit at the 123886. However, through the early hours of play this morning price reversed and shot straight through the RN Resistance level. I did not enter on a short as a another 123886 did not materialise. Many a Day Walker may have entered long as a BOB, SM using the ESLT, but would have been stopped out. This could have been market conditions or this could just be an example of the volatility of news. There was tentative news out on the GBP today. Any other day, I may have taken this trade but today I stayed out and it paid off. Price then did a doji and since then it has come back down almost 200 pips.

On the 4hr chart, price looks like doing an interesting reversal candle stick so could this be the sign we are waiting for?! Either way we are still waiting for the correct setup before we should think of entering. Remember, patience is a virtue.

(1 hr and 4 hr chart were supposed to go up here but technical issues are not allowing me to do so. Apologies to you all! - Please refer to your own trading platform!)

Alright Rich. Yeah Chelsea got robbed but not very dignified at the end. I want Barca to win but Utd are looking good. It will be intersting to watch! What do you reckon?

Spot on with your answer mate and indeed it is a quality film.

I think the answer to your riddle is Jaws?! Again a complete stab in the dark. I can't really think of any other scary water films!

My riddle is which film is this from. "You came in that thing? You're braver than I thought!"

You all have till Monday as tomorrow I won't be trading. Have a grand weekend and we will catch up with the GBPJPY then.

Till Monday

Abundance is your Birth Right

Zaheer Anwari