GBPJPY - H4 Correction to Bearish Continuation
There is a mild corrective pattern forming on the 4 hour chart of
GBPJPY
. Seems like the pair is taking a little bit of a breather before it resumes downward again.
Here is what we are looking for. Looking for a break of the lower corrective pattern line with an acceleration back into the bearish channel. Once we get a break of the lower corrective pattern line and we are back in the bear channel, we will be looking to go SHORT with a break of support in the range of 146.945 - 147.288. If we feel there is a lot of downward pressure and price is accelerating through support, we will take a SHORT at the top of the range at 147.280. If there is a sustained move aboe the upper corrective pattern line, then negate trade and check the charts for more set-ups.
ENTRY
Around 147.280
STOP
148.650
TARGETS
146.545
145.740
Published on 10/16/17
GBPJPY
. Seems like the pair is taking a little bit of a breather before it resumes downward again. Here is what we are looking for. Looking for a break of the lower corrective pattern line with an acceleration back into the bearish channel. Once we get a break of the lower corrective pattern line and we are back in the bear channel, we will be looking to go SHORT with a break of support in the range of 146.945 - 147.288. If we feel there is a lot of downward pressure and price is accelerating through support, we will take a SHORT at the top of the range at 147.280. If there is a sustained move aboe the upper corrective pattern line, then negate trade and check the charts for more set-ups.
ENTRY
Around 147.280
STOP
148.650
TARGETS
146.545
145.740
Published on 10/16/17
Order cancelled:
Sustained Move with above upper line of downward channel. Price never dropping back into the channel. Looking for another set-up