AcademyInvestment
Short

GBP/JPY major trend changing short!

FX:GBPJPY   British Pound/Japanese Yen
Please check weekly chart if you want to be more sure.
Everything is on the chart!

Feel free to comment :)

Academy Investment
A.i
We can also see weakning of the trend on weekly now price making lower lows breaking 2 main trendlines!

Academy Investment
A.i
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I think about long on this position this is my idea
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AcademyInvestment cwikinvest
2 years ago
Dear sir!

Thanks for your comment and idea :)
Make sure you have checked higher timeframes, i recommend always checking higher timeframes first. MN, W1, D1, H4. Price already brokedown daily and weekly trendline also strong breakdown of EMA 36 and 200 which act as strong support in that trend since 2013. You can also see weakning of the trend on higher timeframes. Spike from 19.9 on daily chart also hit major structure key if you check the history and was rejected immidiately so that might be end of the trend. If you check it you can see that buyers wanted to force up but got rejected pretty quick. I am still waiting 123 on Daily (safer) or more agressive 123 on H4 which is forming right now.
Ofcourse i enter only after BREAKDOWN of the retracment which gives me very comfort situation to not force the market to early :) So if price will continue higher ofcourse you have potential H&S pattern. In your case i would wait break of H&S and then wait for the retracment back to this resistance line which will become support to find more safer entry. I personaly do not trade H&S. Entering trades immidiately after breaking support or resistance or trend lines might be risky and not profitable on long term. I advise you to always wait for some sort of comformation.

Other scenario is also possible that price will start ranging, the fact that on monthly timeframe price is between EMA 200 and 633 which clearly signals sideways moving.

Best regards
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isomorph AcademyInvestment
2 years ago
could you please elaborate what you mean by '123' and 'structure'? what structure?
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AcademyInvestment isomorph
2 years ago
Dear sir!

Structure is line (support or resistance) which is respected many times!
123 setup is the same as ABC setup. It contain impulse leg (1 - 2 or A - B) and retracment leg (2 - 3 or B - C)

Best regards
A.i
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isomorph AcademyInvestment
2 years ago
Thanks. Here's what I got on weekly:
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isomorph AcademyInvestment
2 years ago
and my daily view:

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isomorph AcademyInvestment
2 years ago
my view on H4:

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cwikinvest PRO AcademyInvestment
2 years ago
Now we going to short littl bit on this pair very clear abcd patter wich find support in lows at 173.00. Trades open and waiting for 0.382 fibo hit very nice place to take profits (last reversal head and shoulder neckline)
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AcademyInvestment cwikinvest
2 years ago