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 ?
Reply
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