short trade on GBPJPY

FX:GBPJPY   British Pound / Japanese Yen
53 10 3
short from zone 186.20 185.79 target zone 184.323 - 184
Comment: price hit target as expected at 182.70
No Worries! If you bear in mind the use of technical indicators.. such as MACD, Stochastic or RSI 14 or 7, you can get a better view on the market, for instance if price on the RSI or STOCH diverges from the predominant trend, then it gives you a quick idea that the market trend could possibly reverse! This in turn gives u a better success to enter the trade as it starts to form a new trend..

a.h1979 CharlieFx96
in your opinion RSI 14 or 7 gives your more clear picture of the possibility for reversals ?
I Use 3 time-frames per PAIR ,

4h as my main, then 1hr to see a closer picture. Then I use the 30m to plan my entry and exit points.

The reason I personally choose the RSI (7) is because, I am using a 30 Minute chart to plan my trade and the indicator is not lagging behind too much (like a RSI 14 does)

Use the 7 for a lower time-frame (1hr & 30m for example), but for the 240m use the 14..

a.h1979 CharlieFx96
the same I do, i look at 4h to spot support and resistance D1 to confirm the points and for entry either 4h or 1h and if to use RSI I use it on 14 i might try the 7 on 1h :)
Cool! Just don't use the RSI 14 on a 30m Chart or 15m, You'll be too late on the entry of your trade. You don't want to be in a situation where the "boat" sails and you have to catch the "next one"

Keep it up buddy,


a.h1979 CharlieFx96
agree with you :) and thanks again for your support
Great!!! To also mention (HEAD AND SHOULDERS PATTERN) Starts just from the yellow bottom box at around 26ish November -- Peak of head at 188.795 then right shoulder @ 186.208 >> you can extend you're bottom yellow profit target box to >> 182.830 as a 1st Take Profit Target! >> Second Profit Target @ >> 181.885... Well done, Thing is Peeps reguarly get confused when when they see this sort of market movement!

As for your profit bot on the bottom blue line >> Use this as a confirmation and if price breaks below and closes below it, then go for target one or 2, you could then adjust your stop loss to >> 185.115 and ride the pattern.

Round off, Nice chart, just minor inprovements!

Great Work, and all the best for this trade!

a.h1979 CharlieFx96
Thanks for the support and clarification :) and am looking for your comment on my GBPAUD chart i will publish now and am confused about it
a.h1979 CharlieFx96
just published the idea about GBPAUD
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