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At the end of last month, GBP JPY and CAD JPY had similar setups on their Daily and 4H Charts that could have given the sharp-eyed trader 100 pips on both. Both were moving withing Consolidation patterns on their respective Daily Charts and gave signals to indicate entry was possible on their 4H Charts.
The GBP JPY was in the process of forming the 2nd Support point of its large Pennant on the Daily Chart when it gave a bullish U-turn signal. This was a sign of a pending rally to Resistance and that entry to take advantage of it was the next step.
GBP JPY -DAILY CHART
The distance between the close of that candle and the Resistance area was approximately 160 Pips. When the bullish signal on the 4H Chart appeared next morning, entry at 171,71 would have given a comfortable 100 -Pip gain just below that target area.
4H CHART
CAD JPY had a similar but a little bit smaller setup on its Daily Chart. The Consolidation was complete, but was rallying once again to head to support. A signal came on the 27th of March and entry could have been immediate with stop loss at a small 4H Consolidation. Entry at 92,58 and Limit of 93,70 at Resistance would have given an straightforward 112 Pip gain in just 2 days.
DAILY CAD JPY
4H CHART
Trades like these appear all the time when the market is making up its mind to decide on what to do next. As long the setup is clear and the targets are big enough, many are likely in the weeks ahead.
The GBP JPY was in the process of forming the 2nd Support point of its large Pennant on the Daily Chart when it gave a bullish U-turn signal. This was a sign of a pending rally to Resistance and that entry to take advantage of it was the next step.
GBP JPY -DAILY CHART
The distance between the close of that candle and the Resistance area was approximately 160 Pips. When the bullish signal on the 4H Chart appeared next morning, entry at 171,71 would have given a comfortable 100 -Pip gain just below that target area.
4H CHART
CAD JPY had a similar but a little bit smaller setup on its Daily Chart. The Consolidation was complete, but was rallying once again to head to support. A signal came on the 27th of March and entry could have been immediate with stop loss at a small 4H Consolidation. Entry at 92,58 and Limit of 93,70 at Resistance would have given an straightforward 112 Pip gain in just 2 days.
DAILY CAD JPY
4H CHART
Trades like these appear all the time when the market is making up its mind to decide on what to do next. As long the setup is clear and the targets are big enough, many are likely in the weeks ahead.
