FX_IDC:GBPJPY   British Pound / Japanese Yen
GBPJPY has been in an up trend channel for a while and all the while the indicators have not confirmed the move. As you will notice the MACD and the RSI have been making lower highs while the price action has been rising. This is the definition of divergence or non-confirmation which suggests that the rally will soon come to an end. A lot of times knowing when the actual high is upon us is the hard part thus making it difficult to execute a trade with confidence. That is where the rising channel comes into play. Price has made its way to the upper part of the rising channel and is finding resistance which if these levels hold will provide a ceiling from which price can move lower. At this point the risk to reward appears to be favorable for a short trade given the price action that we saw on friday. So long as price can stay below the recent high then I will be targeting the lower trend line .
Trade closed: target reached
You nailed it mate!
@Jamal92, turned out to be a great trade!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out