GBPJPY offers a good risk/reward short trade this week
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Monthly: In a large descending triangle formation that offers a downward bias. Since posting a Hammer base in October 2016 trading has been mixed and volatile, common in corrective sequences. Ichimoku Cloud offers resistance at 156.36
Weekly: Mixed trading for the last 58 weeks has formed a bearish Ending Wedge . On a break of 143.80 the measured move target is 135.60, April 2017 low trade.
Daily: Bearish divergence can be seen on the daily chart (price makes a higher high while the oscillator makes a lower high), often seen before a change of trend. DeMark has posted a 12 count on the daily chart , 13 highlights exhaustion. There is scope for mild buying but, with bespoke resistance seen at 155.36, gains should be limited.
Weekly: Mixed trading for the last 58 weeks has formed a bearish Ending Wedge . On a break of 143.80 the measured move target is 135.60, April 2017 low trade.
Daily: Bearish divergence can be seen on the daily chart (price makes a higher high while the oscillator makes a lower high), often seen before a change of trend. DeMark has posted a 12 count on the daily chart , 13 highlights exhaustion. There is scope for mild buying but, with bespoke resistance seen at 155.36, gains should be limited.
JohnJohnsom
should the colors be the other way around on the chart red for risk and green for potential profit? otherwise nice chart
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