GBPJPY - TAKE ADVANTAGE OF A TERRIBLE UK GOVERMENT! 300 PIP MELT
Good evening from the UK. Being from the UK the embarrassment I feel from our government is unbelievable! Oh well, we may aswell capitalise from their stupidity. Strong words but who cares, I'm here for the pips. Now in a time like this where there is a lot of heavy fundamentals (economic data) that could affect bias' lets not start with that. Ultimately ALWAYS stick to your charts bias 'THE TREND IS YOUR FRIEND' a quote from my Forex trading guide. trading is 80% technical 20% fundamentals.
Right to the juicy stuff, if you look at previous articles I've wrote we have been swinging in an upwards channel. Now over the past week we had;
- 4th trend line touch
- False Breakout
- & ultimately being the 4th touch, this shows signs of exhaustion leading to a break to a purple daily key level on my chart in which was a good 200 pips.
Now writing this article 3 hours before end of market play for the week we have a marabou Thursday and a shooting star Friday two great bearish continuation signals. Now we have broken through a weekly strong resistance. The pair may want to retest this level as resistance before breaking below our daily level of 144.00. From a higher time frame perspective I have a descending pink trend line that the week closure has broke back beneath indicating a false breakout that was confirmed with this months double top. Now if you treat that as a double top the bias works well with the two technical points on the chart. RSI indicator still shows signs of more room for the price to fall before being exhausted. Price is also sitting under my blue exponential moving average continuing that bear trend. Any strong signalling closures above my weekly key level and moving averages will show a bullish outcome.
Now with a lot of Brexit talk and Yen data next week the pair WILL BE VOLATILE. The market will either want to get you an easy execution, test your patience and keep you waiting or have spikes going against the trend and reverse. Rule of this pair to take into consideration, make sure your entries are SPOT ON or allow wide breathing space.
141.00 is my target
To see another information regarding the trading i do visit the link in my Instagram @Travis_duncz
Right to the juicy stuff, if you look at previous articles I've wrote we have been swinging in an upwards channel. Now over the past week we had;
- 4th trend line touch
- False Breakout
- & ultimately being the 4th touch, this shows signs of exhaustion leading to a break to a purple daily key level on my chart in which was a good 200 pips.
Now writing this article 3 hours before end of market play for the week we have a marabou Thursday and a shooting star Friday two great bearish continuation signals. Now we have broken through a weekly strong resistance. The pair may want to retest this level as resistance before breaking below our daily level of 144.00. From a higher time frame perspective I have a descending pink trend line that the week closure has broke back beneath indicating a false breakout that was confirmed with this months double top. Now if you treat that as a double top the bias works well with the two technical points on the chart. RSI indicator still shows signs of more room for the price to fall before being exhausted. Price is also sitting under my blue exponential moving average continuing that bear trend. Any strong signalling closures above my weekly key level and moving averages will show a bullish outcome.
Now with a lot of Brexit talk and Yen data next week the pair WILL BE VOLATILE. The market will either want to get you an easy execution, test your patience and keep you waiting or have spikes going against the trend and reverse. Rule of this pair to take into consideration, make sure your entries are SPOT ON or allow wide breathing space.
141.00 is my target
To see another information regarding the trading i do visit the link in my Instagram @Travis_duncz