GBPJPY is in a strong uptrend so in my point of view we need to see a pullback to this area of value and to see some sort of rejection hope you like il be glad to see your opinion about it
I'm still a beginner though if you want to give some advice il be happy.
Sellers destroyed this week, we can now expect an influx of revenge trading buys which will also get destroyed.
Ideally, I want to the price to fill the void between break and re-test and the order block, then we can continue to the upside long term.
The GBP were under pressure since the begining of May and we have witnessed some singinficant downtrend. The price action is at a major level and created a new lower low but within that downside channel which this pair has been respecting for a while now. Price action has touched and bounced from the trend line. I'm expecting a few more touches on that line...
We have seen a nice downtrend yesterday followed by a nice pullback with a bearish engulfing entry reason suggest the trend continuation should resume soon. I have therefore gone short on this and taking profit at the next support level before deciding further movement.
I have marked the sl and tp for you as well.
Let me know your thoughts.
TRade safe and good luck.
Can you tell us why you think price will bounce at our green zone? post your answers below... winner will win a pink unicorn called Fred... I bet you all want to enter now ;p
We keep saying it but SIMPLE is BETTER in forex trading! we will drill it in to your heads sooner or later.
Anyway the winner of the competition will have to collect the unicorn from the...
Expecting a break of structure past the 137.900 (previous HH) level to the completion of the bat pattern at 138.600 which is within the 88.60% and 1.618% point of the D zone.
From there I will be expecting a minor retracement (50.00% or 61.80%) to TP1 which is point B of the pattern, from there I will be looking for signs of a trend continuation to enter long...