PriceActionTrading
Short

GBPJPY COMPLETION OF PATTERN AT 161.8

FX:GBPJPY   British Pound/Japanese Yen
277 35 13
SEE CHART. PRETTY MUCH SELF EXPLANATORY IF YOU UNDERSTAND THE PATTERN.
@ 161.8% IS A GOOD SELL AREA. D1 RSI DIVERGENCE.
I HAVE ENTERED A SMALL POSITION SELL AND ENTERING ANOTHER AGAIN AT BREAK OF SUPPORT TRENDLINE .
STOP MUST BE ABOVE THE 161.8%.
We might see a broad JPY correction soon, the Nikkei is in a very toppy situation, but I'd still wait to go long again if that were to occur, specially EURJPY.
+1 Reply
Would you suggest entering this trade now with stops at 191.40 ? Will it reverse back ?
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Hi, Structurally speaking it is still valid. Yesterday's news pushed many pairs higher, including GBP. Hopefully today we will not see any higher high.
+1 Reply
anish_206 PriceActionTrading
Thanks. I just entered at 190.25 and now it started to go bullish hence a bit nervous. That's all. Thanks for the reply. Hopefully it works out. :)
+1 Reply
Well with proper stop loss, lets just hope. There are many news event this week...
+1 Reply
anish_206 PriceActionTrading
Would it retrace back at least until 189.60 today ?
+1 Reply
Right now we are in this wedge pattern. Maybe draw this out in your chart and see how it plays out. If it successfully close back inside the wedge continuously on the H4 then this sell setup may see some halt.
snapshot
+1 Reply
anish_206 PriceActionTrading
Thanks will do
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