FX:GBPJPY   British Pound / Japanese Yen
Hey Traders! NEW week, NEW opportunities
For the past few weeks we've seen a strong uptrend in the strength of the GBP. However, we can now start to see a weakness in the market. The daily ascending trendline has just been broken and we have begun to see a new descending trendline. What I am looking for is confluences to see this market head to the downside and to the bottom of the ascending trendline. I am looking for a retest off of a strong support/resistance level which is highlighted in PINK with the market reacting to the descending trendline and retesting the ascending trendline. The 40 EMA has been broken as well so a potential short with these confluences would be a good set up to even HOLD and add more positions as we continue downwards. Before entering I will be looking for either a corrective structure and then a break and close or a bearish 1HR candle close where I will enter once the next candle breaks previous closed price.

Comments

Woops, it's breakout on opposite bro...
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KINGJRFX auliarichman
@auliarichman, so how did it play out in the end then?
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Opposite
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KINGJRFX KhalidZone
@KhalidZone in what scenario do you see this chart bullish right now?
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