GBPjpy: False Breakout Opportunities
FOREXCOM:GBPJPY -0.11% Been in a range the past 3+ weeks and its about time this pair breaks out ... but first the false break as I fully expect the pair to rise up through the top end of the range, hit some resistance; maybe see a pull back; but ultimately achieve the 150+ price level (see red zone), showing yet another false breakout. Once there will look for patterns for a shorting opportunity, down through the previous range to new LO's (see green zone).
However, should today's gap down open continue its decent, I am looking for buying opportunities (green zone) up through the previous ranges to new HI's.
These are some very large zones and of course many pips can be made between the above scenario. If other opportunities present for smaller swing/day trades, I will post them if/when I see them as well. For now, I like this setup for potentially a 300-500 pip move.
Will update as the week unfolds.
However, should today's gap down open continue its decent, I am looking for buying opportunities (green zone) up through the previous ranges to new HI's.
These are some very large zones and of course many pips can be made between the above scenario. If other opportunities present for smaller swing/day trades, I will post them if/when I see them as well. For now, I like this setup for potentially a 300-500 pip move.
Will update as the week unfolds.
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