Chandu-Forex
Short

GBPJPY Bearish Bias for Daytrade

FX:GBPJPY   British Pound / Japanese Yen
FX:GBPJPY
On 4H chart, we can see that the price is at the resistance zone . And, we can see a 4H RSI Bearish Divergence.
On 1H chart, we can see a 1H Bearish Divergence on RSI , which confirms the bearish bias on 1H time frame.
On 10 min chart, we can see the bearish divergence on RSI that confirms the bearish bias on lower timeframe
And, we see the 50 and 13 EMA cross on 10 min timeframe, where I took the sell trade. Stop Loss above the recent high. Targeting for 1:2 risk to reward.

Stop loss : 41 pips
Take profit : 86 pips
Trade active
Comment: Head and Shoulders pattern formation on 1H time frame, which is bearish.
Trade closed: stop reached

Comments

Thanks for the update. It’s up to 139.7. Waiting to see if it goes slightly higher. Going to place my “short.”
Thank you for posting. I anticipated an upswing then to drop as well. Happy to see you confirmed my strategy.
+1 Reply
Chandu-Forex JoeSedona
@JoeSedona Yes. You are correct. Price raised above 139.7 and hit my Stop loss. I learned that I took an early entry. And, this is a counter trend trade. I think it is better to avoid these type of trade. It is better to wait until 50 and 13 EMA cross on 1 hour and the price should dip below 200 EMA on 1 EMA. Then the best entry will be on pullback to 50 EMA on 1 H time frame and 50 and 13 EMA cross on 10 min time frame. Thanks.
Reply
Thabk you for your response. Sorry to hear you entered too soon. Hard to be patient in this market. I anticipated an upswing. The hard thing is to wait it out since we just don’t know. If this pair goes any higher place a short.
My best, Joseph.
Reply
Chandu-Forex JoeSedona
@JoeSedona, Yes. As a beginner, it is hard to be patient in the market. As I said, counter-trend trades are risky. I am looking forward to focusing on trend trades for now.
Reply
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