sdtrader
Long

GBPJPY countertrend demand zone play

FX:GBPJPY   British Pound/Japanese Yen
While the GBPJPY             have been showing bearishness since July and broke former support at 172.356 (Blue line),
a small demand zone has formed on the way back up at 171.50 indicated by the blue box.
the major supply zone coincides with the former support, now expected to be resistance in traditional S&R analysis.
the strong bullish candle after a period of consolidation may represent short term buying.

Long with stops below the blue box (demand zone)
potential TP below the red box before major resistance.
sdtrader
2 years ago
Supply zone worked well compared to the demand zone. traders who shorted at the supply would be in the money right now
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out