ibrolaktradingllc
Short

GBPJPY SHORT STRUCTURE RE-TEST

FX:GBPJPY   British Pound/Japanese Yen
74 1 1
On 13th Jan, 2014 the structure 170.39 was broken.
Price immediately traded back above this structure failing to make a new high.
On 24th Jan, 2014 this structure was broken again.
Price again traded above the structure and again failed to make a new high creating a pullback zone of 171.440.
The structure was broken again on 29th of Jan with more success creating a new structural low of 164.27.
We now see price coming back to the pullback zone of the 171.440,
failure to trade above this point is a big sell signal which could take us to 164.27.
NOTE: This set-up is only valid if price is unable to take the 171.440 area.
snapshot

A quick update, as we can see the 171.44 is acting as we expected. Price moved above due to BOJ whatever we see how quickly it reversed below this point. I will not be surprised if we see another try of the area before finally taking out the 170.39. We need to see a momentum move to confirm this structure has been broken which should take us lower. GL
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
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