PriceActionTrading
Short

GBPJPY SHORT AT SUPPORT TURNED RESISTANCE

FX:GBPJPY   British Pound/Japanese Yen
299 7 7
SELL AT 176.95 WITH PRESENCE OF CONFIRMATION.

ANALYSIS IS WRITTEN CLEARLY AT CHART TOO.
SELL AT SUPPORT TURNED RESISTANCE
TRIPLE BOTTOM BROKEN, UNBELIEVABLE
W1 BEARISH ENGULFING
USUALLY WHENEVER I SEE A BEARISH ENGULFING AT W1 I WILL PLACE A SELL AT 50% OF THAT BAR.
176.95 WILL BE NEAR THE H4 50SMA AND 20SMA

THIS TRADE WILL STILL NEED CONFIRMATION AND IS NOT A SELL ON TOUCH.
OBSERVE THIS TRADE AT THE H4 LEVEL AS THIS REQUIRE A FAKEY CONFIRMATION AT 176.95.
PRICE SHOULD NOT CLOSE ABOVE 177.
IF IT DOES CLOSE ABOVE, THE NEXT H4 BAR MUST CLOSE BELOW 177. MUST.

MY H4 CHART FOR BETTER CLARITY REGARDING SUPPORT TURNED RESISTANCE
snapshot

SUBSCRIBE LIKE AND COMMENT MY IDEAS IF YOU AGREE OR DISAGREE.
REALLY HELPS TO SEE MY IDEAS BEING APPRECIATED.
HAPPY PIPPING
Already sold again, you think it'll jump that high before falling?
Reply
Yes Ivan. 2 scenario will happen.
1) price will hit and go above 177.00. people who sold will have their SL around 177.30. Price will hit all their SL before plummeting down back towards 176.00
2) price hit 176.6 - 176.8 without triggering my entry and plummet down.

50% chance of either option happening. but option 1 is safer and more conservative and i advise option 1.
sell on touch (option 2) has low risk reward. not a good thing to follow for a trader in the long run.

Hope my explanation is good.
+1 Reply
PriceActionTrading PriceActionTrading
All these should happen within the next 48 hours.
sorry i missed this part out.

And lastly, no one can tell what is coming. But one should always remember what had happened and gauge what could happen.
+1 Reply
IvanLabrie PRO PriceActionTrading
Excellent points, and yeah, I agree that these big range bars give a good setup if they start working within 48-72hs.
Reply
Very good analysis! I thought about to short at monthly EMA 200 near 176.56. Well, now I wait and see, if the weekly Pivot Point 176.947 is hidden. Thanks für this great an profesdsional input!
Reply
Thanks both.
Reply
NEW IDEA PUBLISHED REGARDING GBPJPY RE ENTRY INTO BEAR TREND. PRICE SHOULD HIT AROUND 177.30 REGION AND HEAD BACK DOWN (OPTION 1 AS MENTIONED). BUT ITS TOO EARLY TO TELL. REQUIRES AT LEAST 4 - 6 H4 BARS.
KEEP A LOOKOUT FOR H4 RSI DIVERGENCES WHEN PRICE IS HOVERING AROUND 177.30.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder 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 Account and Billing Sign Out