Due to the market creating lower Highs the probability of GJ going down is high and at the same time we have a continuation pattern which indicates GJ falling.
✅GBP_JPY was trading along
The rising support line but then
The pair broke the support and
Went down so the breakout is
Confirmed, therefore, despite
The bullish rebound and retest
Of the broken support we will
Be expecting a move down
Because we are now
Locally bearish biased
SHORT🔥
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Hi traders, as you can the structure of GJ is ready to drop continue going bearish but bear in mind markets don't move in a straight line and I'm expecting inner structure before the main drop. Tune in for more weekly predictions and hit the thumbs up button and follow for more!
The trade has floating 70 pips profit and it can potentially generate over 40 more.
What a great friday :).
What do you think about this trade?
LQP = Liquidity Pool
Arrows = Inducement Points
2WT = 2 Way Trap
-Previous Day candle closed Bearish. If we are looking for buys we will take on until resistance formed on TP 1 8th sep 08 and TP 2 on 10th Jun 15.
- If we are looking for sells we take on TP 1 15 feb 24 and TP 2 on 24th Nov 23 Support.
- Wait for 1 hour candle to close above or below zone.
-We risk 3% of our capital. Close trades once price reverses to opposite...
Two scenarios in my mind. GJ respects the retracement box, and goes down for the imbalance.
Second one is demand exceeds supply. Possible buys at the retracement. This is the only case that SnR could work.
What do you think about GBPJPY?
LQP = Liquidity Pool
Arrows = Inducement Points
2WT = 2 Way Trap
Entry Taken Pre-London.
1. Price creating HL's and HH's Indicating Buys over Sells.
2. Daily Candle Strong Bullish Indicating Buys.
3. Price Created a New HH and HL.
4. Entry Taken at 30 M Break Of Highs.
Today we have beautiful open areas to both directions, which just look too good to be true honestly.
Speeches given by JPN representative are playing around every day and GBP seems quite flat. so I would lean a bit more to a bullish bias thinking GJ will rise up until BOJ will do its magic and suddenly wipes out the hike with one swift move.
Will trade both...
According to price behavior at resistance levels, possible scenarios have been identified.
As long as the price does not cross the red resistance zone, the possibility of a correction to the specified support zone is more likely. Further, the behavior of the price in the support range is also important
Pretty simple chart here, I dont really use indicators so my charts are all naked like this. Head and shoulders. Im bearish here overall, looks like an easy play with low risk nice reward.
GBP/JPY could rise towards a potential breakout level and make a bullish continuation towards our take-profit target.
Entry: 189.985
Why we like it:
There is a potential breakout level
Stop Loss: 188.999
Why we like it:
There is a swing-low support level
Take Profit: 190.974
Why we like it:
There is a pullback resistance that aligns close to the 78.6% Fibonacci...
Based on the H4 chart analysis, we can see that the price has just reacted off our sell entry at 190.05, which is an overlap resistance that closes to 50% FIbo retracement
Our take profit will be at 188.76, an overlap support level.
The stop loss will be placed at 191.16, which is an overlap resistance level.
High Risk Investment Warning
Trading Forex/CFDs...
GBPJPY
Pivot 189.930
- If the price is higher than the pivot, Long target TP1 at 189.930, TP2 at 190.520, cut loss if the price is lower than the pivot.
- If the price is lower than the pivot, short target TP1 at 189.040, TP2 at 188.400, cut loss if the price is higher than the pivot.
***Please money management***
– Thursday Daily candle closed strong Bearish breaking out of the recent Daily range. I’ll be looking for potential Buys above 189.510 targeting 1h Resistance at 190.020 and 4h previous consolidation zone around 190.450, I’ll be looking for potential Sells below 188.940 targeting 4h Support around 188.320 and next 1h Strong Support around 187.890. Thursday Daily...
