Trade Recommendation: GBPJPY

With the price trading inside the Daily Pivot Range (blue dots) this nullifies the Pivot for today. However the bias remains to the upside for the short term with the price trading above the 3 Day Rolling Pivot Range (RPR). This level provides the near term key support range.

With the Daily Pivot Moving Averages (red,yellow, white lines) turning upward this is further confirmation of the upward bias.

The action to take is to place a buy order to enter the market long if the market trades at or above the ‘A’ up line for 15 consecutive minutes or longer. This will confirm the market wants to move higher. Use your short term or 1-5 minute charts to verify the time requirement.

Note: This recommendation is good until the end of the session. If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade.

Entry Price: 147.60
Stop Loss: 147.16
Profit Targets: First profit target 148.18. Second profit target is 148.73. Once first profit target is reached, bring stop loss to breakeven, then trail a stop loss on remaining position 20 pips behind to safeguard profits or until second profit target is hit.

Disclaimer: Disclaimer: The writer has no positions in the forex markets but does engage in short-term trading of forex and futures.

Featured image courtesy of Shutterstock.

I am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.