I don't usually take impulse entries but I
have taken a similar setup on GJ 3 times
before already this week and they were all
Entry was taken at the point we broke below
the wick of the bearish 30m candle on support
anticipating price to come down to the next
support. I used my usual 2% risk and price
very quickly moved towards target
TP hit and...
Looking for an opportunity to SELL GBPJPY.
Pulling the trigger if the right price action presents itself during London Session.
I'm looking for a retest of the previous high.
GBPJPY moved over 250 pips in one day!!! Looking for price to sell. Why? I can see
imbalance in the market and liquidity that they need to come back and pick up.
Also... Not very...
We already highlighted the possible options earlier. As we broke resistance and formed support, we executed longs with stops below the current 30m candle. Price ran for 10 pips before we secured profits and moved stops to BE. We then got stopped out at BE after that, so it was a good trade.
This morning price broke support at 136.050 and we waited for resistance...
We are looking for a break of support at around 135.350-00. If this happens we would look for a resistance to form on the lower timeframes before looking to sell back down and fill the clean range down to 135 flat. The reason I am not looking for buys is that the upside is very choppy and there isn't a clean range to long into. However if we respect the support...
At the 134.500 area, this dotted line started last week as support, gradually turning into resistance, with the price remaining undecided and moving up and down and not respecting it as neither support or resistance.
We have however, had several rejections and failure to break the descending trendline . Price dropped below the 50EMA but closed above it.
Looking for entries for shorts at 134.518
1. Currently sitting in a supply zone
2. Looking for 3rd touch of 0.5 fib level
3. Would then create a triple top
4. Previous break and retest indicating downside
Targeting demand zone about 750 pips down can also set a tight SL here