Bearish (SHORT) GBPJPY
Updated
-DXY is appears to be bullish so I am looking to go long on USD.
-GJ and GU have a strong correlation and I am bearish GU so I am also bearish GJ
-On the weekly TF you will see price made a bullish push to the upside followed by last week candle that displayed a lot of bearish pressure and closing as a somewhat inverse hammer.
-Although price did make a large bullish push, price never broke the previous high (on the daily), confirming that the trend is still in tact.
-A huge bearish push followed by a bearish "doji"/reversal candle is a tale tale sign that price is ready to move in the opposite direction.
-Expecting price to make a brief retracement before making another bearish move to the downside.
Please Like, Follow, Comment. What is your analysis?
-GJ and GU have a strong correlation and I am bearish GU so I am also bearish GJ
-On the weekly TF you will see price made a bullish push to the upside followed by last week candle that displayed a lot of bearish pressure and closing as a somewhat inverse hammer.
-Although price did make a large bullish push, price never broke the previous high (on the daily), confirming that the trend is still in tact.
-A huge bearish push followed by a bearish "doji"/reversal candle is a tale tale sign that price is ready to move in the opposite direction.
-Expecting price to make a brief retracement before making another bearish move to the downside.
Please Like, Follow, Comment. What is your analysis?
Trade active
Long trade entered: 161.155SL: 160.0
TP: 163.25
Trade closed manually
Trade closed manually, took profit at 162.463. Believe trade could move higher but I am still overall bearish and will just wait on the sidelines for a bearish setup.
Closed trade. Caught 80 pips !!!
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