I do not have an entry as of now but every timeframe is indicating that GBPJPY will go short.
Here's why;
- The monthly timeframe will likely close in a 3 pin pattern showing downside momentum.
- The monthly candlestick closed below a supportive level which I can see through the body closure at 182.20 that seemed to have held price for 5 months
- The weekly has formed a lower low which is obvious as seen in the previous week's candle.
- Combining the monthly and the weekly I know that price will go lower and hence approach the -27.2 target on the weekly at 175.55
- There is not much happening on the daily but there is lower lows being formed.
- The 4h timeframe has broken a psychological level at 181.00.
- Currently waiting for a retest of the region before going short.
- Currently waiting for a 4h closure candlestick before I make any move
Here's why;
- The monthly timeframe will likely close in a 3 pin pattern showing downside momentum.
- The monthly candlestick closed below a supportive level which I can see through the body closure at 182.20 that seemed to have held price for 5 months
- The weekly has formed a lower low which is obvious as seen in the previous week's candle.
- Combining the monthly and the weekly I know that price will go lower and hence approach the -27.2 target on the weekly at 175.55
- There is not much happening on the daily but there is lower lows being formed.
- The 4h timeframe has broken a psychological level at 181.00.
- Currently waiting for a retest of the region before going short.
- Currently waiting for a 4h closure candlestick before I make any move