GBPJPY 20/8/2023
Starting our week off the same way we have the last few weeks with GJ.
Now on Friday we had a slow day for PA but overall we did put a new sell range in, showing deeper sell side prices are to be expected for the next expansion on GJ, now there are some keu points to keep in mind with the range.
firstly we have a very weak break on our SWL, this tells us that price is slowing down on the sell side so we should use caution on entry into our sell trade.
Secondly we have a very low volume POI as it sits within out Asia range which has a lot lower levels of liquidity than our NY and LDN.
thirdly we have a C-swing POI that has pushed price out of our SWL poi bringing us into the 50% level of our range, we also have the ASIA high above our SWH so overall very low risk if we enter this range overall.
**KEY NOTE**
Jackson hole meetings this week that always shake up the markets so please keep an eye on that event!
Remember to always read order flow and follow what price is showing you instead of trading based on your desired direction. And, as always, stick to your risk and your plan.
We'll be closely monitoring market openings and price action throughout the week. If you find this analysis useful, let us know in the comments below and hit the boost button to show your support. Here's to a successful week of trading!
Now on Friday we had a slow day for PA but overall we did put a new sell range in, showing deeper sell side prices are to be expected for the next expansion on GJ, now there are some keu points to keep in mind with the range.
firstly we have a very weak break on our SWL, this tells us that price is slowing down on the sell side so we should use caution on entry into our sell trade.
Secondly we have a very low volume POI as it sits within out Asia range which has a lot lower levels of liquidity than our NY and LDN.
thirdly we have a C-swing POI that has pushed price out of our SWL poi bringing us into the 50% level of our range, we also have the ASIA high above our SWH so overall very low risk if we enter this range overall.
**KEY NOTE**
Jackson hole meetings this week that always shake up the markets so please keep an eye on that event!
Remember to always read order flow and follow what price is showing you instead of trading based on your desired direction. And, as always, stick to your risk and your plan.
We'll be closely monitoring market openings and price action throughout the week. If you find this analysis useful, let us know in the comments below and hit the boost button to show your support. Here's to a successful week of trading!
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