GBPJPY Potential Forecast | 27th November 2022
Hi everyone, today I will be talking about a possible GBPJPY short trade using Smart Money Concepts for the next week.
Trade Idea
1) Price has been bullish on the lower timeframe
2) Price is nearing the daily swing high at 169.08
3) It could potentially head up to test the daily swing high and we can find potential short positions off the supply zone above
4) Furthermore, sell-side liquidity has been building at the bottom marked by the liquidity hot-spots
To look out for:
- Price could potentially tap into the area of imbalance below before headed back up, there could be potential long opportunities there as well.
All in all, I believe that price can potentially retest the daily swing high above and will be eyeing short confirmations there.
Trade safe guys!
Regards,
Chern Yu
Trade Idea
1) Price has been bullish on the lower timeframe
2) Price is nearing the daily swing high at 169.08
3) It could potentially head up to test the daily swing high and we can find potential short positions off the supply zone above
4) Furthermore, sell-side liquidity has been building at the bottom marked by the liquidity hot-spots
To look out for:
- Price could potentially tap into the area of imbalance below before headed back up, there could be potential long opportunities there as well.
All in all, I believe that price can potentially retest the daily swing high above and will be eyeing short confirmations there.
Trade safe guys!
Regards,
Chern Yu
Comment:
Price is currently heading down to clear the area of liquidity marked by the red dotted line.