Position Trade - GBPJPY
Look for LONGs with caution as price is reaching the Monthly Supply
In the Weekly Chart, there is about 600 pips before price reached the Weekly Supply proximal line
Hence, in the Daily Chart,
- There are 2 potential BUY zones to place trade/s
- Traders should decide if the risks are worth it to take 2:1 or less than that since price might retrace back sharply when it is close to HTF Supply zone/s
2x pending BUY limit orders (small lots) were placed on 28 May 2023
Look for LONGs with caution as price is reaching the Monthly Supply
In the Weekly Chart, there is about 600 pips before price reached the Weekly Supply proximal line
Hence, in the Daily Chart,
- There are 2 potential BUY zones to place trade/s
- Traders should decide if the risks are worth it to take 2:1 or less than that since price might retrace back sharply when it is close to HTF Supply zone/s
2x pending BUY limit orders (small lots) were placed on 28 May 2023
Order cancelled:
The price is too close to HTF supply zones. Hence all BUY orders are cancelled.
Will do another analysis for SHORTing GBPJPY.
Will do another analysis for SHORTing GBPJPY.