Price has reached a previous resistance and got rejected, unable to form a new high for a double top pattern. It shows the downward movement towards the ascending trendline in direct confluence with the golden level from Fibonacci. The price structure allows the placement of a short entry.
S/L: 57 pips - R:R | 1:3.6 -
- Price moving very impulsively towards our higher high/possible reversal zone.
- We can see that price is reaching overbought levels.
- Looking for shorts at the red circle.
- Only looking for longs if price breaks this zone impulsively.
- Preço a mover-se impulsivamente em direção ão nosso higher high/possível zona de reversão.
- Podemos também...
After the drop to 135 last week, GBPJPY has rallied up to the 136.60 level which is also the previous high. The rally has happened within a micro price channel which often leads to exhausted bulls.
If GBPJPY reverses from this resistance level then there's chance for another drop. However, I don't advise selling it now . Instead, wait and see if a couple of...
In the short term, GBPJPY looks like it will reach 139.60 area. After reaching that level, there might be some pullback or a short term reversal.
Right now, the price action still supports the buyers. If you look at the 15minute chart, you can see that Friday's end of NY Session bearish move is a temporary pullback.
So, it is quite likely that GBJPY will reach...
BUY LIMIT - PENDING ORDER
Target 1: 137.85 (140+ pips)
Target 2: 139.36 (291+ pips)
SL: 134.94(151- pips)
Please use sensible lot size. if the SL is higher than your 1% risk don't take this trade.
Plan: wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
Traders!! if you like my ideas and do take the same trade as I do,...
Plan: trendline and support level breakout --> wait for the price to bounce off from resistance level --> wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make...
Currently, GBP/JPY is trading at 138.08. The pair may start a new down trend if it breaks the support level at 136.45. Previously, the pair was making higher high lower low pattern in the resistance and support wedges. If the pair starts a new down trend after breaking the support level, then its first target price will be at 134.22 and second target price will be...
Hope you all have a fantastic day !
I would appreciate any likes and follows from this idea, that would encourage me to publish more ideas and analysis.
GBP/JPY has made strong move up Friday, but lose some gains from resistance area and now will head down to test ascending support line.
Let us know what you think about this idea.
Trade safe !
Welcome to our weekly trade setup ( GBPJPY )!
Bullish pa and break above main sr level.
Very bullish market turned from its high, expecting a bearish move now.
Overall great short market.
ENTRY LEVEL @ 135.170
SL @ 135.820
TP @ 134.190
Max Risk. 0.5% - 1%!
(Remember to add a few pips to all levels - different...
GBP has been so weak in recent years and the chart continues to show weakness of it.
A rising wedge pattern has been formed, measured target is 127
###This is not an investment advice, trade with care with your own risk!###