Preet_Bhamra

Double Top at minor resistance sets up a potential GBPJPY short

Short
FX:GBPJPY   British Pound / Japanese Yen
Markets have closed after setting up a double top at previous structure resistance .
This has set up a good risk to reward ratio should price produce a move down to the support level .
Market is at resistance; market has put in a double top ; RSI is showing bearish divergence; a few signs pointing down.
I will be shorting when market opens.
Comment: Be aware of the bullish trend on the higher time frame. This short is an opportunity to gain profits before a retest of the higher time frame restistance level

Comments

In a larger timeframe like H4 GBPJPY is in a uptrend and with the recent double bottom sitting on a strong support line, I will be waiting for a drop like you are, maybe to around the 151.600 area, but then buying and holding to around 155.850. Take a look at my recent chart
Reply
Preet_Bhamra jamesb123
@jamesb123, Yeah i agree with the bullish trend on a higher time frame, so im just looking to get in and out of the market with this short and if a retest of the support comes then ill buy till price reaches resistance on the higher time frame 😊
+1 Reply
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