GBPJPY - Short once price enters the channel
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Colour key: Blue = monthly, Pink = weekly, Grey = daily/4H/1H
I've been entering shorts against GJ for some time now, but bulls always end up taking control. However, my most successful and profitable sells have always been from within this bearish channel. As you can see, price is seemingly coming back up to revisit this channel, and i'm looking to sell from it again.
I've marked out some key levels and supply & demand zones from the higher timeframes (see colour key), but i see price breaking the weekly resistance levels and coming down before it reaches the monthly S&D zone. My bias is bearish as long as it stays in this channel.
Updates to follow, follow me to see them.
Colour key: Blue = monthly, Pink = weekly, Grey = daily/4H/1H
I've been entering shorts against GJ for some time now, but bulls always end up taking control. However, my most successful and profitable sells have always been from within this bearish channel. As you can see, price is seemingly coming back up to revisit this channel, and i'm looking to sell from it again.
I've marked out some key levels and supply & demand zones from the higher timeframes (see colour key), but i see price breaking the weekly resistance levels and coming down before it reaches the monthly S&D zone. My bias is bearish as long as it stays in this channel.
Updates to follow, follow me to see them.
Trade closed: target reached:
Price left the channel slightly but a massive drop did follow. Setup complete.