Straight forward really, bearish movement down to our support area ( red zone ) then a bounce and bearish movement to our resistance area ( green zone ) I'm just going to keep this 1 simple as there are a few simple people about ;p if the cap fits wear it.
Nice and simple trade. After creating a new low this pair pushed up and touched the 50EMA and we have a bearish engulfing candle straight after that which suggest a bearish run to create a double bottom before deciding further course of action.
I have gone short on this and marked tp and sl for you as well.
Let me know if you agree or your rational if you...
Price broke through our TL to the upside but then hit strong resistance, bounced off resistance and now is currently breaking back through our TL to the downside.
We will be keeping an eye on this trade next week to see if price bounces off our strong TL and makes further moves down ( bearish )
This is like the age old question... should pineapple be on pizza?...
GBPJPY has been travelling in an descending channel, it had a little fake breakout , but price came back into the channel, retested the inside and has started travelling down.
Price formed an ascending channel on its way up , however it has now broken out to the downside and has come back to retest it , giving us another indication that we should sell.
Possible short position for GBPJPY. Price has completed a pullback to the trend line after it had already broken out of out towards the downside. We can now expect further decline in the price as it Is currently moving below all three moving average indicators on the chart which are the 20 EMA, 50 EMA and the 200 EMA. This indicates a strong short bias for us....
We could possibly see a bearish down movement on GJ heading towards a minor support at 144.964. Price has recently bounced off a major resistance area and could be heading for a retest at the 147.721 area. we can also see the bullish trendline being broken an used as a dynamic resistance!
Awaiting for candlestick confirmation on higher timeframe!
I'm saying, that GBPJPY is in trouble - having pumped north like nobody's business. The technical picture on the weekly is troubled. That means there is opportunity for all traders (long or short) on lower time frames. I'll say no more here. Have a look. And - if you think differently, give to the community your reasoned assessment. It is in giving that we...
We have a strong trend line formed which price is currently at and a strong SELL zone which price has just entered STRONG SELL.
We could see a run down to our support level where we will be looking for a BREAK as we are near the end of a descending triangle.
This is all.... Thank us later.
Here we have a Descending triangle formed, this is a bearish continuation pattern and are formed in an overall downtrend, if you get the 4h chart up and zoom out you will see we are in an overall bearish market.
Descending triangles are a good signal, but we still have to watch and wait for a breakout of this triangle as nothing in Forex is guaranteed, a breakout...
Waiting for a break of this consolidation
If consolidation breaks below structure
zone I will then wait for a retest back to
resistance before shorting this position
Since price is in consolidation at support
it could break out towards the upside