J_Graystone
Short

GBPJPY Bearish Trend Continuation Trading Opportunity

FX:GBPJPY   British Pound/Japanese Yen
1371 13 31
These trade ideas are always quite difficult to explain in detail on here but I thought I would share with you anyway.

As this pair has come down to what I call a "decision point", we can see that market has put in a lower low, lower close candle which to me signifies further bearish movement.

Now as I don't trade falling wedge breakouts, descending triangles, flags, pennants etc. I will need to wait for a pull back into previous structure support which should provide a decent area od resistance and then look to ride this pair down.

We will keep an eye on this pair and hopefully get an entry reason.

Good luck in the markets this week.

See you in the live room tomorrow.

www.tradeempowered.co.uk/london-live-room

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mat.szarek
8 months ago
It is in line with something i have i sight:
https://www.tradingview.com/chart/TfGIARS9/
+1 Reply
mat.szarek mat.szarek
8 months ago
wrong link.
snapshot
+1 Reply
J_Graystone PRO mat.szarek
8 months ago
Nice. Thanks for sharing. And good luck!
Reply
Koryphaeen PRO
8 months ago
Yes, I agree, there is more room for the downside, but immediately after, we should look for a buy. I am waiting for that buy setup since it fits more my trading strategy. ;)
snapshot
+1 Reply
J_Graystone PRO Koryphaeen
8 months ago
I expected a bounce however, i do not look to buy in a bearish market unless i get a pattern formation that meets my rules. Thanks for the comment!
Reply
GoodLuckbabe
8 months ago
snapshot
nice setup jeason i am slightly different on this pair looking for sell setup around 161.000
+1 Reply
Koryphaeen PRO GoodLuckbabe
8 months ago
Why are you waiting so long for a sell setup, you could buy it as well around 157. When price will retest the 161 area another time, there is a chance that it will go further up, since a nice WXZ correction would be done there. If there will be another move down, it will be a WXZXY correction, which still plausible now. good luck!
+1 Reply
GoodLuckbabe Koryphaeen
8 months ago
thats valid question and technically you are right this WXZ and WXZXY correction is very possible. why i am not buying now for this corrective move to the upside actually i am bearish on this pair right from the start of this fall and trying to catch all the bearish impulsive move to the downside and looking to hold all my short positions until we hit the 150.000 and if we dont hit the 150 i will close all my position at partial profit, break even or at stop loss here is my some short setup post which i am still holding and believing i will get my 150 target
sell the breakout
very nice sell setup is forming sell breakout
+2 Reply
J_Graystone PRO Koryphaeen
8 months ago
Thanks for commenting. I simply do not look to buy in a bearish market unless i have a pattern formation that meets my rules. I would rather wait for market to come to me then i know i only enter those highest probability trading opportunities. Thanks.
Reply
J_Graystone PRO GoodLuckbabe
8 months ago
Nice
Reply
GoodLuckbabe J_Graystone
8 months ago
thanks
Reply
Felix_Hoevelborn
8 months ago
Would have preferred a short position much more. But followed my plan and got rewarded. Nice chart as always!
TRADE REVIEW FROM THIS MORNINGS GBPJPY +137 PIPS WINNER
+1 Reply
J_Graystone PRO Felix_Hoevelborn
8 months ago
Nice. breakout trade.
Reply
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