Technician

GBPJPY: Continues to rally #forex

FX:GBPJPY   British Pound / Japanese Yen
797 1 16
No trade. The pair continued to move decisively higher without any confirmation signal for a reversal from that major confluence zone i pointed in my previous analysis. ( )

The main takeway from this is the importance of the final confirmation signal, which i believe is the most important part in the trading approach. I was looking for some kind of rejection hinted through pin bars, or an hourly double top as an examples of bearish confirmation signal. However, the pair didn't provide any signal and continued to rally breaking main confluence of Fibonacci extension levels, and the main falling trend line shown on chart. In addition to that, the price has previously taken the 200-days Simple moving average and the 50-days average, which is another positive indication.

So what now, are we going to continue higher? The chances for a bullish trade now is good in my view. But again, and as usual i will be waiting for a confirmation signal for the trade. Keep posted for the up-coming updates.

Good luck...
Exclusively Subscribers to my mailing list will get one month access to my trading account . subscribe here http://thefxchannel.com/ ,
My best regards
Technician
https://thefxchannel.com
We must be patient... :)
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out