GBPJPY To New Low
Updated
H4 price resting below the 8EMA. Previous H2 candle closed below MA Crossover indicating bearish momentum. Daily timeframe looks to have started a potential downtrend with a rebound from the 8EMA as well. Looking for our next Weekly Support Level to be met. Alternatively, If price breaks back above 146.500 we will likely continue the previous uptrend with a Higher High at 150.000.
Note
I like to be honest and help other traders understand the thought process behind my analysis, even if that means sharing where I could've been better. Two things that could've made this a better setup would've been to wait until the H4 closed for the proper signal instead of entering early. Some traders might have waited for the Daily closure as well which is perfectly fine. Depending on your broker if you placed your stop at 146.500 you would've been stopped out to the pip just as I was. However, due to my experience, I entered again from the Prior Daily High with a 25 pip stop. This covered our loss, and I'm now risk-free awaiting further price action. In the future, I will try to update you all more quickly once I'm fully adjusted to my new trading routine here as I'm currently traveling in Asia.
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