GBPJPY has created a head and shoulder pattern, however this is not the only reason for entering.
Price has tried breaking out from 142.800 however could not, we got a retest and a nice bodied bearish candle.
I entered on the Bearish candle on the right shoulder but this is a good opportunity to get another entry in as price is currently just retesting the neckline. Same entry rules apply for this trade once candlestick confirmation and price action confluences according to your own set rules we can enter short.
I will simply wait for further rejections of the neckline and smaller time frame bearish candles upon which I will enter a sell trade.
Price has tried breaking out from 142.800 however could not, we got a retest and a nice bodied bearish candle.
I entered on the Bearish candle on the right shoulder but this is a good opportunity to get another entry in as price is currently just retesting the neckline. Same entry rules apply for this trade once candlestick confirmation and price action confluences according to your own set rules we can enter short.
I will simply wait for further rejections of the neckline and smaller time frame bearish candles upon which I will enter a sell trade.
Trade active:
Price is approaching 142.800, this would be a great time to take partials and lock in some profits.
Comment:
141.800^^^^^^^^
Trade closed: target reached:
It is a Friday and the market is about to close so I have closed all positions. The price has come 7 pips to my target so I have manually closed the trade.
80 pips were caught from the analysis posted here. And the Initial trade which I took from the right shoulder bearish candle gave me a total of 111 pips.
80 pips were caught from the analysis posted here. And the Initial trade which I took from the right shoulder bearish candle gave me a total of 111 pips.