GBPJPY Swing Short - It will continue the downtrend
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Colour key: Blue = Monthly, Pink = Weekly, Grey = Daily/4H/1H
As you can see, i've marked out several key supply and demand (S&D) zones, as well as key support and resistance (S&R) zones, from the monthly and weekly timeframe. There is also an upper trendline which price has been following and respecting for many weeks now and until it is broken, i have a bearish bias for this pair.
I've drawn a path that i believe price may follow based on the S&R levels and S&D zones that i've marked out. On this daily timeframe, you can see a triple top pattern forming at level 153.460, which suggests price will dump soon. A head and shoulders pattern is also somewhat forming on the weekly timeframe, which also suggests a move downwards.
I myself am already entered this setup, but i will be taking partial profit at key levels and re-entering positions at retracements with confirmation.
Updates to follow, follow me to see them.
Colour key: Blue = Monthly, Pink = Weekly, Grey = Daily/4H/1H
As you can see, i've marked out several key supply and demand (S&D) zones, as well as key support and resistance (S&R) zones, from the monthly and weekly timeframe. There is also an upper trendline which price has been following and respecting for many weeks now and until it is broken, i have a bearish bias for this pair.
I've drawn a path that i believe price may follow based on the S&R levels and S&D zones that i've marked out. On this daily timeframe, you can see a triple top pattern forming at level 153.460, which suggests price will dump soon. A head and shoulders pattern is also somewhat forming on the weekly timeframe, which also suggests a move downwards.
I myself am already entered this setup, but i will be taking partial profit at key levels and re-entering positions at retracements with confirmation.
Updates to follow, follow me to see them.
Trade active:
Price is following my analysis nicely. It has rejected off of the weekly zone and price is still making it's way to the downside.
Comment:
Price is approaching the lower weekly zone
Trade closed: target reached:
250 pips secured