GBPJPY Potential Forecast | 19th December 2022
Hi everyone, today I will be talking about a possible GBPJPY short trade using Smart Money Concepts for this week.
Trade idea:
1. Price is currently on a downtrend on the lower timeframe.
2. We could see clear bearish orderflow in recent price action.
3. Price could potentially head up to clear the imbalance present marked by the green zone.
4. Will be look for confirmations on M1 to M5 timeframes to enter on shorts at the green zone.
Things to look out for:
- However, I do notice that price has validated and respected the demand zone at the bottom. This serves as a risk to us as validation of the demand zone could mean for price to continue heading up and without strength to continue down.
Hence, we will await proper confirmations like a break of structure before entering shorts at our green zone.
All in all, I will be awaiting short confirmations on GBPJPY.
Regards,
Chern Yu
Trade idea:
1. Price is currently on a downtrend on the lower timeframe.
2. We could see clear bearish orderflow in recent price action.
3. Price could potentially head up to clear the imbalance present marked by the green zone.
4. Will be look for confirmations on M1 to M5 timeframes to enter on shorts at the green zone.
Things to look out for:
- However, I do notice that price has validated and respected the demand zone at the bottom. This serves as a risk to us as validation of the demand zone could mean for price to continue heading up and without strength to continue down.
Hence, we will await proper confirmations like a break of structure before entering shorts at our green zone.
All in all, I will be awaiting short confirmations on GBPJPY.
Regards,
Chern Yu
Comment:
Trade came into perfection with bearish momentum kicking in. LFG everyone!!!