Possible trend shift in GBPJPY – going long

FX:GBPJPY   British Pound / Japanese Yen
Signal ID: 73450
Time Issued: Monday, 28 September 2020 07:00:15 GMT
Status: open
Entry: 134.336 - 134.922
Limit: N/A
Stop Loss: 133.456

The Tidal Shift Strategy has just bought GBPJPY at 134.629. The system recommends entering this trade at any price between 134.336 and 134.922. The signal was issued because our Speculative Sentiment Index has hit its most extreme negative level for the past 145 trading hours at 2.992, which suggests that the GBPJPY could be trending upwards.The 14-period Average True Range on a daily chart is 0.235, so the stop loss has been set at 133.456. This stop loss order is a trailing stop that will move up as the market moves up. There is no profit target for this strategy. We expect to be closed by the stop loss.Tidal Shift is a trend trading strategy that aims to catch shifts in trend using trader sentiment as an indicator. The strategy looks to buy when the Speculative Sentiment Index reaches its lowest value for the past 145 trading hours, and looks to short when it reaches its highest value for the past 145 trading hours.

Follow and Trade this analysis from your Charts. FXCM now Integrated with TradingView. Contact FXCM for more information

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.