GBPJPY Support n Resistance 091019
If price can retrace to the 131.5 to 131.9 region,
Depending on how it moves up, we'll take an aggressive Sell Limit at green /orange boxed zone.
Safer entry is to wait for another PA Sell signal to show up.
In the monthly TF we are expecting bullishness to show up in the near term.
In the weekly TF a bullish momentum followed by a retrace to the downside seen (in the past 2 weeks).
So we are a little cautious in Shorting on the daily TF as prices have already moved past certain important thresholds to the downside.
Hence,
TP is preferably at deep orange line (zone)
Soft TP at a safer zone in the orange box.
Manual TP at yellow trendline if prices lose momentum.
Following up we'll see if a Long will be suitable at the yellow Trendline
Depending on how it moves up, we'll take an aggressive Sell Limit at green /orange boxed zone.
Safer entry is to wait for another PA Sell signal to show up.
In the monthly TF we are expecting bullishness to show up in the near term.
In the weekly TF a bullish momentum followed by a retrace to the downside seen (in the past 2 weeks).
So we are a little cautious in Shorting on the daily TF as prices have already moved past certain important thresholds to the downside.
Hence,
TP is preferably at deep orange line (zone)
Soft TP at a safer zone in the orange box.
Manual TP at yellow trendline if prices lose momentum.
Following up we'll see if a Long will be suitable at the yellow Trendline
Comment:
Those who have positions in the trade because of previous PA showing up at the similar level can consider the above TP ideas as well.
Trade active:
Got filled into a sell limit position placed slightly below today's R1 (due to broker's spread).
May the wave be on our side.
May the wave be on our side.
Trade closed: stop reached:
The bullishness mentioned in the initial analysis above seems to have shown up.
SL was triggered at breakeven. Let's see how the Daily candle ends.
SL was triggered at breakeven. Let's see how the Daily candle ends.