TheSignalyst

GBPJPY - Sell Setup Forming!

Short
OANDA:GBPJPY   British Pound / Japanese Yen
Hello everyone, if you like the idea, do not forget to support with a like and follow.

GBPJPY is approaching strong resistance in green from Daily (150.0) so we will be looking for sell setups on lower timeframes.

on H1: GBPJPY is forming a channel in red, but the lower red trendline is not valid yet, so we will be waiting for a third swing low to form around it to consider it our trigger swing. (projection in purple).

Trigger => Waiting for that swing to form and then sell after a momentum candle close below it (gray zone)

Until the sell is activated, GBPJPY would be overall bullish and can still test the 151.0

And of course, as GBPJPY approaches our lower blue support, we will be looking for buy setups.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL indicator
http://www.RichTL.com

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Comments

Nice! I also have a similar setup on GBP/USD and GBP/JPY
+3 Reply
TheSignalyst reubenroyal
@reubenroyal, amazing brother! you too keep it up!
Reply
GBP has been hurting my technical analysis for so long 😥
+2 Reply
@lulusee, let's see how it is going to react around this resistance now! sorry to hear about that
Reply
lulusee TheSignalyst
@TheSignalyst, Yeah, I keep on adjusting. Now, I need to revisit how I do my analysis.
Reply
nethsith lulusee
@lulusee, Yes ,is it going to be on the sky forever?
Reply
lulusee nethsith
@nethsith, possible
Reply
Well done Rich
+1 Reply
TheSignalyst Rackelle_M1
@Rackelle_M1, thanks dear Rackelle
Reply
Thanks i will follow your steps
+1 Reply
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