Today, let's delve into an intriguing setup on GBPJPY that combines a Weekly Chart RSI Divergence with a 1-hourly Bearish Shark Pattern:
1. Weekly Chart RSI Divergence:
- Observe the RSI Divergence on the Weekly Chart, signaling a potential weakening of the bullish trend.
- This divergence might serve as a precursor to a reversal or retracement.
2. 1-hourly Bearish Shark Pattern at 190.72:
- Look for a shorting opportunity as the Bearish Shark Pattern completes at 190.72 on the 1-hourly chart.
- Engaging in a short position aligns with the potential bearish sentiment suggested by the RSI Divergence.
This combo trade approach involves using higher timeframes for trend analysis (Weekly RSI Divergence) and pinpointing a precise entry with a harmonic pattern on a lower timeframe (1-hourly Bearish Shark).
Feel free to share your thoughts and trade plans for GBPJPY in the comments below. For a visual representation, refer to the chart link provided.