The British Pound / Japanese Yen chart has been bullish for a few weeks after a new weekly demand imbalance located around 132.50. Several British pound cross pairs have started to rally, behaving similarly to the GBPJPY cross pair. GBPUSD is not an exception. Add to this that the Japanese Yen is getting weaker across the board.
As expected, the new weekly demand imbalance has gained control of the GBPJPY forex cross-pair. GBPJPY has been rallying strongly for over a month since the imbalance took control.
Get the latest market information on the GBPJPY Forex cross-pair by joining Set and Forget’s trading community.
This is the kind of price action technical analysis you will learn in our trading community. You will learn how to locate new supply and demand imbalances and trade without using any indicators, no news, no fundamental analysis, no earnings announcements, no volume or VSA analysis. Just supply and demand imbalances.
Trading supply and demand imbalances is ideal for beginners and those with a full or half-time job, you won’t need to stay in front of the computer all day long trying to move price action with your mind.
As supply and demand traders, we do not need to pay attention to the news, fundamentals or any earnings reports. Once a big timeframe imbalance has gained control, earnings do just the opposite and react strongly to those imbalances. Why do you see positive earnings and then the underlying stock drops like a rock, or a negative earnings announcement and the stock rallies like a rocket out of control? You are probably missing the fact that there are big imbalances in gaining control.
You should not worry about fundamentals or earnings announcements unless you are doing very short-term trading and scalping.
You can use these imbalances to plan your trades in lower timeframes. Trading is just waiting for the right trigger points and scenarios to present themselves, this game has got a name and it’s called the waiting game. We need to patiently wait for the correct scenarios and setups to happen and wait for the price to pull back or dip into the price levels we want to trade, in our case these price levels are made of supply and demand imbalances.
Join our supply and demand forex trading course to learn how to use our supply and demand trading strategy.
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