This is a Buy idea that most likely will play out during LONDON. I will be sleeping but just in case it makes sense to you, I believe that this setup has a good probability of happening if you get good confirmations from the Zone.
Looking at sells however it is very late in the day - best way to handle this is by reducing risk especially as the market is setting up for NFP tomorrow.
Be smart , protect capital. The number 1 rule in the markets is to minimse losses
This pair has had little in terms of high volume price movements during yesterday's London and NY session
We have since had some higher highs and higher lows forming on the 30min timeframe which has confirmed bullish indications
with this is mind, I opted to enter buys once support had formed and the London session had opened
Stop-loss set below the previous...
Looking at taking a long on GBPJPY when the candle breaks this recent resistance. depending on price action we may move the stop loss to below the previous wick, however as it currntly looks there doesn't seem to be strong indication of a lower low.
taken based on break of previous candles highs, If you like this trade please give it a like and follow as it lets me know my ideas are helping give insight to others :)
gbpjpy is creating a higher high in daily timeframe, this retracement finish on this two demand zones from there is a good point to buy if we see rejections.
gbpjpy today retested the doubble top as i have posted my analysis 2 days before .
reason to sell :
1. bullish trendline is broken and is retested now, coincidence is that this retest worth and for doubble top .
2. buyers are failing to make a new higher high.
3. price is showing wicks at fibonnaci level 0.718
Price broke the 4H TL and now I am expecting a potential bigger retracement to the Daily zone drawn and price should respect this if it plans to continue moving BULLISH, if price falls below the level of the Stop Loss, then the Buys get invalidated.
