GBP/JPY- ATH? double top? false breakout? 723 PIP GAINS -SHORT ?
Hi all,
Here we have the GBP/JPY, after scrolling left I noticed that this is a HIGH point for the pair, which led me to consider what I am looking at and how to trade this? Since it is at a ATH and possability a false breakout this could be a bearish reversal? As you can see we have a possable double top and 3/4 rejections on the trendline,
scenarios:
as price moves down to the key area 1, there does not seem to be much resistance (yellow circles) here so price could quite possabily easily break through this, here we would wait for a consolidation and ride the wave down to the next key area 2,
as price comes down to key area 2, this has shown to have several touches (yellow circles) and hold as a support and this could reverse the pattern, (green line)
if price carrys on been bearish, there could be short all the way down to the Lower low with a 700+ pip gain
** THIS IS MY OWN OPINION AND NOT FINANCIAL ADVICE - THIS IS FOR EDUCATIONAL PURPOSES AND MYSELF AND OTHERS TO SHARE KNOWLEDGE ABOUT TRADING **
Good luck to all and trade safe!
L
Here we have the GBP/JPY, after scrolling left I noticed that this is a HIGH point for the pair, which led me to consider what I am looking at and how to trade this? Since it is at a ATH and possability a false breakout this could be a bearish reversal? As you can see we have a possable double top and 3/4 rejections on the trendline,
scenarios:
as price moves down to the key area 1, there does not seem to be much resistance (yellow circles) here so price could quite possabily easily break through this, here we would wait for a consolidation and ride the wave down to the next key area 2,
as price comes down to key area 2, this has shown to have several touches (yellow circles) and hold as a support and this could reverse the pattern, (green line)
if price carrys on been bearish, there could be short all the way down to the Lower low with a 700+ pip gain
** THIS IS MY OWN OPINION AND NOT FINANCIAL ADVICE - THIS IS FOR EDUCATIONAL PURPOSES AND MYSELF AND OTHERS TO SHARE KNOWLEDGE ABOUT TRADING **
Good luck to all and trade safe!
L