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Sublime_Trading
May 20, 2019 3:34 PM

GBPJPY is Heading Down Fast Short

British Pound/Japanese YenFXCM

Description

This currency is featuring for the first time on our TradingView blogs.

Current setup: Price is declining fast with the next support level far away.

Conclusion: We will be looking for shorting opportunities following a break of a previous low.

Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments!

Sublime Trading
Comments
oeiw
why you seems to be the only one who will short while the rest recommend buy ?
Sublime_Trading
@oeiw, We are trend traders and go in the direction of the established trend based on the 200sma. If price is below we look to go short, if price is above we look to go long. The 200sma has been used to give the overall bias of the market for decades, institutions still use it today and so do we. Most will tell you to go long as they are swing or day trading trying to pick tops and bottoms and which is how over 80% blow accounts. As the saying goes the trend is your friend and is a proven way to make long-term wealth. Picking tops and bottoms is how you make the broker rich and not yourself and which is why brokers will be your friend when day trading or swing trading or scalping or any from of short-term trading.
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