Looking to SELL GBPUSD in SELL AREA and to close position in TP AREAS. (30+ PIPS, Potential 120PIPS SWING)
- Do not enter on strong bullish breakthrough of sell area
- Look to enter on reversal pattern
- If price breaks through 122 area with strong bearish momentum, execute sell
TRADE AT YOUR OWN RISK!
GJ is currently recovering after being bullish for the past 2 days.
Personally I see 137.50 being hit evetually.
But we have to keep in mind other possibilities.
If the trendline holds and the GBP regains its bullish momentum then I see this breaking the previous high and forming a new higher high.
If not then this will be heading down.
GBPJPY Daily time frame, 136.000 zone has been tapped off
We have some MACD convergence
Going to wait for daily closure, a hammer formation / dragonfly doji would be ideal to see for buy orders to kick in!
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
Our GBP JPY trade idea has now hit the final target and we will now see it test the 200 moving average on the 4 hours we could see a small retrace before the pair continuing bullish or we may see a breakout.
Trade on H4 chart: short for a re-test or await the breakout and go long targeting 146.700 - 147.000
As per the analysis on screen this is what we are seeing:
- Break and retest of daily trendline
- Impulse and then a symmetrical triangle formed on the 1HR / 4HR
We are now waiting for a lower time frame break and retest of this pattern for a sell.
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...