JakeSummers4x
Short

Falling wedge drawn out with RSI divergence

FX:GBPJPY   British Pound/Japanese Yen
167 6 3
Could this be the end of the bullish momentum?

- ABCDE complete
- Bearish divergence
- Key resistance

I wouldn't be surprised if we pushed up to 127.00 before falling.
Comment: - RSI divergence*
Trade closed: stop reached: Closed my long position in favour for the second setup of the wedge and missed another 340 pips.

Gutted, but it could've just as easily have gone the other way.

Next up, more Fundamentals training.
Agree with 172.00. Overnight news will be interesting. If the BOJ add to QE programme we could see 175.00
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I'd be surprised if they raise interest rates this soon, but QE is a possibility.

I've set a hedge position and will cut my loss with a stop before I go to bed.

Heck, I may set my alarm and get up to watch the fireworks haha.
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Looks good, Can possibly break the wedge to the downside, retest structure and rebound (or continue on its way down), Good analysis man,
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JakeSummers4x journeyofarookie2.0
Thanks mate!
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Nice spot man, I need to agree with you, this wedge looks perfect, I hope you make it!
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JakeSummers4x Piet.Hein
Maybe too perfect haha - I really wish I hadn't closed my long position now!
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