GBPJPY: Potential ending diagonal C at resistance
We have a potential short setup in the Pound/Yen, where a time at mode uptrend might fail against resistance.
Price also appears to be completing a rising wedge, so if indeed valid, the move down will be very sharp and lead to a retest of the lows in 1/3 of the time that it took for it to go up.
I've used the futures symbols as a ratio to give me an indication of volume activity.
The volume profile is a very handy tool to spot support and resistance levels, and have a good grasp of the underlying accumulation and distribution patterns on chart, if you know how to read it.
You'd need a pro plus account here, but I think it's 100% worth it.
Feel free to stop by the "Key Hidden Levels" chatroom here to discuss this and other instrument ideas with Tim West, the mastermind behind the core of my technical repertoire, and also a great person, trader and mentor.
I'll cover this and a host of techniques over at my trading room skype group, and also via one on one skype lessons for people that are interested. The group membership includes free signals for auto trading as well.
Contact me for further details.
Cheers,
Ivan Labrie
Time at Mode FX
Price also appears to be completing a rising wedge, so if indeed valid, the move down will be very sharp and lead to a retest of the lows in 1/3 of the time that it took for it to go up.
I've used the futures symbols as a ratio to give me an indication of volume activity.
The volume profile is a very handy tool to spot support and resistance levels, and have a good grasp of the underlying accumulation and distribution patterns on chart, if you know how to read it.
You'd need a pro plus account here, but I think it's 100% worth it.
Feel free to stop by the "Key Hidden Levels" chatroom here to discuss this and other instrument ideas with Tim West, the mastermind behind the core of my technical repertoire, and also a great person, trader and mentor.
I'll cover this and a host of techniques over at my trading room skype group, and also via one on one skype lessons for people that are interested. The group membership includes free signals for auto trading as well.
Contact me for further details.
Cheers,
Ivan Labrie
Time at Mode FX
Trade active
