J_Graystone
Short

GBPJPY Bearish Continuation Trade Update

FX:GBPJPY   British Pound/Japanese Yen
496 0 16
So as expected we had a bounce yesterday as we would have seen profit takers and counter trend traders buying up this pair but now we have a clear beak down as predicted.

We can now look for that pullback into previous support which should provide resistance.

Many of you asking why i wasn't looking to buy instead. The simple answer is 1) I would not have looked for a bullish opportunity in a bearish market. 2) I always want to wait for market to come to me where i know i have a high probability of being right. Not only that, but i gain much more when i am right than when i am wrong.

If you are interested in this type of analysis and REALLY want to take your trading to the next level, why not come into our trading room for a FREE week?

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Good luck in the markets this week.

See you in the live room later this morning!

http://www.tradeempowered.co.uk/london-live-room


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