As we can see with GBPJPY it has had quite a massive impulse move to the upside recently and many of us managed to take advantage of that move. last week my bias on this pair was shorts all this week but then price broke through resistance with no real market structural retest, so I unfortunately didn't react to this move in time.
Having re looked at the market over the weekend and this week I have noticed price stall at a daily resistance level and when scaled in on smaller time frames we can see the patterns form, for example the head and shoulders if forming here nicely on the H1, a break of the marked support level and a retest would be nice to see and then an entry to the downside only to your desired risk reward, mine being 1:4.
Please remember this is only my outlook on the market and is never set stone, just what I am seeing.
Thanks, trade safe.
Having re looked at the market over the weekend and this week I have noticed price stall at a daily resistance level and when scaled in on smaller time frames we can see the patterns form, for example the head and shoulders if forming here nicely on the H1, a break of the marked support level and a retest would be nice to see and then an entry to the downside only to your desired risk reward, mine being 1:4.
Please remember this is only my outlook on the market and is never set stone, just what I am seeing.
Thanks, trade safe.