GBPJPY
I used Support and Resistance to observe points of interest and we can see each price si respected with a previous support or resistance, at first there's a perfect flag been completed, measured impulse by placing 0.236 at the top of consolidation and traded up trend to -0.27.
After flag there was to much consolidation and formed an Ending Channel, on this cases after to much consolidation there's a clear impulse as we can see how price reacted at top, observe points of interest with fibonacci retracements between 0.5 - 0.618.
Also MACD shows divergence by going up trend on charts and down trend on the indicator, it tell's us there's a bearish impulse about to happen.
Good Trading. -4h Chart
After flag there was to much consolidation and formed an Ending Channel, on this cases after to much consolidation there's a clear impulse as we can see how price reacted at top, observe points of interest with fibonacci retracements between 0.5 - 0.618.
Also MACD shows divergence by going up trend on charts and down trend on the indicator, it tell's us there's a bearish impulse about to happen.
Good Trading. -4h Chart
Note
Trade has been completed!
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.