GBP/JPY Trade Ideas for the upcoming week
The Fundamentals have pushed the market down beginning in November with the default of Evergrande (The Chinese Real-estate Giant) With several more Billion dollar payments due and no sign of help from the Chinese government its safe to say that we will head down for the foreseeable future.
With that in mind...the technicals are in place to trade this puppy down. Based on price action we will start the week off with a 40-50 pip push down into the 7/20/2021 Order block (8HR TF).
then head back up (150ish pips) to the freshly mented Order Block that we saw installed last week (8HR TF). Keep in mind that price will likely bounce between OB on the way back up creating several trading opportunities for Slalpers who trade the lower TFs. I believe these moves will happen between Mondays open and Wednesday's Close (NY Session); Creating a furious sell off at the end of the week (much like last weeks action) DO NOT get sucked into the bullish vibes! (its only a retracement for last week's action) The sell off will be the true money maker this week.
Good luck out there and use PROPER RISK MANAGEMENT...Even in your Demo Accounts
With that in mind...the technicals are in place to trade this puppy down. Based on price action we will start the week off with a 40-50 pip push down into the 7/20/2021 Order block (8HR TF).
then head back up (150ish pips) to the freshly mented Order Block that we saw installed last week (8HR TF). Keep in mind that price will likely bounce between OB on the way back up creating several trading opportunities for Slalpers who trade the lower TFs. I believe these moves will happen between Mondays open and Wednesday's Close (NY Session); Creating a furious sell off at the end of the week (much like last weeks action) DO NOT get sucked into the bullish vibes! (its only a retracement for last week's action) The sell off will be the true money maker this week.
Good luck out there and use PROPER RISK MANAGEMENT...Even in your Demo Accounts