GBPJPY : Shorting the GBPJPY with a plan 13.5
Updated
Simple, practical, professional.
This is a very technical movement which is reviewed.
It's based on the Head & Shoulder bearish candlestick pattern.
When a Head & Shoulder pattern breaks, it aims for a movement down the size of the movement up between the neck-line to the head.
In this case, the distance between the head to the neck-line is 900 pip , from 160 to 169.
So the break back below 160 is now projecting a movement of roughly 900 pip lower to around 150.
This makes a lot of sense as this area is a horizontal support zone stretching all the way back to beginning of 2021.
Target may be achieved in the mid term of days to a couple of weeks.
Within the down-trend a retest of the neck-line may take place back to 160.
A break back above 160 with a candle close may show for a false break down.
158.20 is also an important horizontal resistance, a break above may confirm movement back to neck-line at 160.
Trade safe!
--------------------------------------------------------------------------------------------------------------------------------------------------
If you found my idea useful, please like and follow! It would mean a lot to me.
Thank you so much for reading - I encourage you to do your own research and consider all info provided to be for educational purposes
and not financial advice
---------------------------------------------------------------------------------------------------------------------------------------------------
This is a very technical movement which is reviewed.
It's based on the Head & Shoulder bearish candlestick pattern.
When a Head & Shoulder pattern breaks, it aims for a movement down the size of the movement up between the neck-line to the head.
In this case, the distance between the head to the neck-line is 900 pip , from 160 to 169.
So the break back below 160 is now projecting a movement of roughly 900 pip lower to around 150.
This makes a lot of sense as this area is a horizontal support zone stretching all the way back to beginning of 2021.
Target may be achieved in the mid term of days to a couple of weeks.
Within the down-trend a retest of the neck-line may take place back to 160.
A break back above 160 with a candle close may show for a false break down.
158.20 is also an important horizontal resistance, a break above may confirm movement back to neck-line at 160.
Trade safe!
--------------------------------------------------------------------------------------------------------------------------------------------------
If you found my idea useful, please like and follow! It would mean a lot to me.
Thank you so much for reading - I encourage you to do your own research and consider all info provided to be for educational purposes
and not financial advice
---------------------------------------------------------------------------------------------------------------------------------------------------
Trade active
Break above 158.20 is allowing retest of 160 as expected!Could be the perfect shorting zone at around 160 (retest of head and shoulder neck-line)
Trade active
160-161 was retested and kept below! 157.80 is important, a daily close below would confirm immediate potential to 150
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.