I have just entered a short position on GBPJPY. I've highlighted the Lower Highs and Lower Lows forming a bearish market structure and I am expecting another Lower High in the blue support/resistance zone.
3.00 Risk Reward on this trade.
Possible gbpjpy sell.
- Higher lows being created as well as lower lows.
- Price moving within a parallel trend line channel.
- Price recently hit resistance zone of parallel trend line as well as horizontal trend line.
- Big buy movement has significantly slowed down.
- Stop loss put in at around 80 pips with a take profit of about 200 pips.
We could have a lovely 300 pip swing trade opportunity here big pip moves on this pairing are not unusual as the past 2 weeks running have seen a 300+ pip move.
Again this is a trade with confluence as you can see our yellow box is where we are looking for price to hit, this lines up with old support and resistance so a key level this would also be the 3rd touch...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=133.6.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=133.2.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
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Double bottom reversal on top of descending channel breakout. Could we see potential bulls take charge for this pair? As long as this Brexit scare calms down since the downfall of the government to stop a no-deal. This is our new potential range from now on, as this would complete the pattern of a descending channel breakout on a technical standpoint. We are...
GBPJPY has hit the monthly bearish target early in the month and so we are expecting to see a nice rally up to the 134.000 level with a potential 500 pips on the table.
We have a nice 4 hour bullish engulfing candle so we are waiting for price to pull back into support before looking at long opportunities going into tomorrow.
Stops will be below the low and as...