Yahia.Awes
Short

GBPJPY downtrend channel since 1979

FX_IDC:GBPJPY   POUND STERLING / YEN
905 25 27
Chart speaks, downtrend channel with a HUGE rising wedge completion near the channel top.

Here is the weekly chart that also shows a bearish div             that might get triggered at the channel top and rising wedge .
snapshot

Sell order pending at 198.1 TP could be as crazy as FIB 0.382 retracement and that is almost 2000 pips!
SL at 199, but you have to know your own pain level and decide how much you want to risk for this BIG move.
i known this IDC data from Johan Gardin ^_^
+1 Reply
Yahia.Awes jangseohee
Hahah jang, who is he?
+1 Reply
Lets see if this can stop the bullishness of GBP. nice one.
+1 Reply
Yahia.Awes PriceActionTrading
We will see indeed, time will tell.
+1 Reply
https://www.tradingview.com/u/johan.gradin/
+1 Reply
Yahia.Awes jangseohee
Thanks for the link.
+1 Reply
SO COOL!! 1976
+1 Reply
Yahia.Awes tntsunrise
Yes cool stuff isn't it. This will trigger a BIG sellof I think!
+1 Reply
Totally agree with this, I trade divergence on RSI + Momentum which I'm seeing on Daily, 4HR and 1HR charts now, so only a matter of time before it falls
+1 Reply
Yahia.Awes EvanJones
Thank you for you comment, just wait for pefect entry and don't rush!
+1 Reply
EvanJones PRO Yahia.Awes
Think technically all GBP pairs are due a big retracement looking at GBPNZD, GBPCAD and EURGBP
+1 Reply
XaviC EvanJones
POTENTIAL GBPJPY TRADE SHORT AT 198-198,5
same view by 2 diff ways...
snapshot
Reply
XaviC XaviC
POTENTIAL GBPJPY TRADE SHORT AT 198-198,5
+1 Reply
@Xavic
you can snapshot, copy the link and paste in on the "top right box" of reply message and click insert
then a picture will appear ^_^
+1 Reply
Looks interesting.
+1 Reply
Yahia.Awes IvanLabrie
Thank you Ivan, If this isn't peaked I don't know what peaked is then. A HUGE rising wedge on weekly TF, completing near downtrend channel with bearish div!
+1 Reply
IvanLabrie PRO Yahia.Awes
I think it's about to reverse, but shorter timeframes will provide the best entry.
I'd look at daily, 4h and hourly.
+2 Reply
ElizaBay PRO IvanLabrie
I took short this morning. So what is the first target? 50% retracement is at 185.200 so can I say it's the first target?
Reply
on the daily 190.95 should offer good initial support the top is looking good on various timeframes giving it a strong resistance, the 185.20/35 area should be the 50% retracement of the daily fibo retracement , i like the set up as well a short for me up here too but need to be careful on stop a break and very little resistance until 214.30/50 on weekly ...good luck
Reply
Yahia.Awes ElizaBay
I think shorting here is a bit too early, but you know your money management better than I do.
snapshot
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IvanLabrie PRO Yahia.Awes
Maybe one more spike up.
Reply
sure there will be a correction but i dont think it would fall that much and its not rising wedge yet
Reply
Yahia.Awes CapnOscar
That weekly wedge in my chart description is not a rising wedge?
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CapnOscar Yahia.Awes
not yet.. I say 2 more bounce needed
Reply
Come on baby, spike up like we expect you to do!
Reply
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