Update on GBP-JPY - Re-looking at getting back short
Price has indeed pushed higher, I'm expecting the 132.584 to be the line in the sand, a push above that by any amount invalidates my chart, and i would not remain bearish, short term, under any circumstances at this point.
130.026 is a target level which price has now reached, but i'm looking for price to move slightly higher and test the 131.378, and possibly onto the 131.967.
I would look to entry again on the short side at these levels (131.378 & 131.967). But price can not go above 132.584, so stops need to be tight and just above that 132.584 plus a margin for the market spread to include for any such spread fluctuations.
130.026 is a target level which price has now reached, but i'm looking for price to move slightly higher and test the 131.378, and possibly onto the 131.967.
I would look to entry again on the short side at these levels (131.378 & 131.967). But price can not go above 132.584, so stops need to be tight and just above that 132.584 plus a margin for the market spread to include for any such spread fluctuations.
Comment:
Price is moving towards my sell target zone, i'm getting reading to re-enter the trade on the short side, but first i'll just hold off, and see if price heads into that 132.000 area, as it might just go a bit higher and then take out my short term line in the sand - 132.584 if it does poke through there, then i'll look to short this at a much higher level.
Trade active:
Shorts opened now in play
Price action was enough for me to open these short position. (IG Markets prices)
These have been opened at 13184.5 & 13190.2
Stop Loss at 13265.2
Price action was enough for me to open these short position. (IG Markets prices)
These have been opened at 13184.5 & 13190.2
Stop Loss at 13265.2
Trade active:
1.min chart using HA candles where it showed me the area that it ran into a sell wall, looking for a swift move down from here to confirm to me that we are indeed going lower. hanging around at this level any longer than say 15 mins will flag up a possible move higher.
www.tradingview.com/chart/tqlEdiU3/
www.tradingview.com/chart/tqlEdiU3/
Trade active:
Looks like the bears have had there claws out, we should head much lower, and quickly, don't want to see price back near the 13160 line.
Comment:
Link to Update chart, moving down as expected, may find resistance at 1st or 2nd level on the chart below, small bounce and further lows to come. Once i have the registered low for this move, i'll calculated where this move should complete. Once completed we should see a larger correction, before heading down to lower lows.
www.tradingview.com/chart/39F81wZK/
www.tradingview.com/chart/39F81wZK/
Trade active:
Price getting close to entry points, given this i'm moving my stops to break even, just in case we push higher and take that 132.000 zone out, i can always entry another short at a higher level
www.tradingview.com/chart/39F81wZK/