GBPJPY 4HR - Double Top at Previous Structure Resistance

This is a follow up on a trading idea that we looked at this past Thursday as "Super Thursday" pushed the GBP up to a level of previous structure resistance before reversing.

IF price action were to put in a retest of structure and once again be rejected...

THEN it would open up the door for traders to take advantage of a double top formation.

With this being a countertrend trading opportunity the target projection is simply a retest of our previous level of structure support.

Akil

For more information on this trading opportunity please use the link below to check out the video "Lessons I've Learned From Losing"

Comment:

Within an hour I'll know exactly how I want to attack this trade. A hold of structure would give me a valid double top and the violation of structure would have me looking for trend continuation opportunities to the upside. I call these levels "Decision points" because the market will tell us what move to look for next

Comment:

With the HHHC the potential double top has now been violated and I'm not longer looking for shorts until we reach the next level of previous structure resistance