GBPJPY: Price At Long Term Downtrend, We Watch For Shorts

FX:GBPJPY   British Pound / Japanese Yen
855 12 26
Price has beem moving into a corrective structure (triangle) after a sharp impulsive move to the down and is now testing a long term downtrend. At that level we may start looking for a sell setup based on our strategy. I will personally use a downsloping median line set and watch for a rejection at the upper parallel of the set.

Comment: Price has broken way above the long term downtrend. So this idea is invalidated. Most likely we should have a correction and we may then watch for buy setups. This is a great example why would should always wait for a setup to complete and not just enter blindly only because price is about to go where we believe it should go. We move on
Do we have a sign yet?
No yet.. Price is consolidating above the daily downtrend. A big move is coming as it regains energy but we have no idea which way it will go. As i described above no need to saty with my initial idea of selling. We move on :)
the current candle is another rejection, maybe the idea still valid
+1 Reply
Thanks for sharing...
+1 Reply
sorry, but your triangle is bullish, not bearish. It is typical in wave 4 !!! only my opinion cheers
+1 Reply
Fxprotrader Walentine
Thanks for sharing
After Correction..this could be a good buy idea setup...
Fxprotrader IshanTripathi
Yes i believe structure changed with this breakout. A corrective structure will be a good sign that this will keep going up. but we might see a sharp sell off and continue its way down.. We definately have to wait now
IshanTripathi Fxprotrader
Okay.. thanks for the analysis
Fxprotrader IshanTripathi
You are welcome :)
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