DacresFx
Short

GBP/JPY - Great Selling opportunity

FX:GBPJPY   British Pound / Japanese Yen
1441 3 36
First and foremost let's breakdown each and every confluence we have this pair is most likely bearish .
- Clear descending trendline showing we are in a down trending market
- Previous HL's from a predicted correction move to the upside has been broken showing that we have the intention to have further movement to the downside.
- Blue MA Above price showing we have some indication of a breakout to the downside.
- and the simple yet effective when drawn correctly is the H+S             Pattern a nice close below would provide us with a good / very good shorting opportunity to the downside. signal that we will be using is a ''BAR CLOSE'' Some what aggresive but this move isn't something that should be passed up lightly..
As always, Good Luck
This chart is nice.
+1 Reply
DacresFx Lucid.Trader
Thank you
Reply
Very nice find and as you mention in your first sentence. Other pairs with GBP as base are also bearish (mainly GBPCHF). The entry is a good place. I'd wait for a clear break and then enter on the retest at around 159.
+1 Reply
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