GBPJPY : Shorting the GBPJPY with a plan 13.5
Simple, practical, professional.
This is a very technical movement which is reviewed.
It's based on the Head & Shoulder bearish candlestick pattern.
When a Head & Shoulder pattern breaks, it aims for a movement down the size of the movement up between the neck-line to the head.
In this case, the distance between the head to the neck-line is 900 pip , from 160 to 169.
So the break back below 160 is now projecting a movement of roughly 900 pip lower to around 150.
This makes a lot of sense as this area is a horizontal support zone stretching all the way back to beginning of 2021.
Target may be achieved in the mid term of days to a couple of weeks.
Within the down-trend a retest of the neck-line may take place back to 160.
A break back above 160 with a candle close may show for a false break down.
158.20 is also an important horizontal resistance, a break above may confirm movement back to neck-line at 160.
Trade safe!
--------------------------------------------------------------------------------------------------------------------------------------------------
If you found my idea useful, please like and follow! It would mean a lot to me.
Thank you so much for reading - I encourage you to do your own research and consider all info provided to be for educational purposes
and not financial advice
---------------------------------------------------------------------------------------------------------------------------------------------------
This is a very technical movement which is reviewed.
It's based on the Head & Shoulder bearish candlestick pattern.
When a Head & Shoulder pattern breaks, it aims for a movement down the size of the movement up between the neck-line to the head.
In this case, the distance between the head to the neck-line is 900 pip , from 160 to 169.
So the break back below 160 is now projecting a movement of roughly 900 pip lower to around 150.
This makes a lot of sense as this area is a horizontal support zone stretching all the way back to beginning of 2021.
Target may be achieved in the mid term of days to a couple of weeks.
Within the down-trend a retest of the neck-line may take place back to 160.
A break back above 160 with a candle close may show for a false break down.
158.20 is also an important horizontal resistance, a break above may confirm movement back to neck-line at 160.
Trade safe!
--------------------------------------------------------------------------------------------------------------------------------------------------
If you found my idea useful, please like and follow! It would mean a lot to me.
Thank you so much for reading - I encourage you to do your own research and consider all info provided to be for educational purposes
and not financial advice
---------------------------------------------------------------------------------------------------------------------------------------------------
Trade active:
Break above 158.20 is allowing retest of 160 as expected!
Could be the perfect shorting zone at around 160 (retest of head and shoulder neck-line)
Could be the perfect shorting zone at around 160 (retest of head and shoulder neck-line)
Trade active:
160-161 was retested and kept below! 157.80 is important, a daily close below would confirm immediate potential to 150