Today’s trading setup is coming from GBPJPY. The daily timeframe has printed a huge bearish engulfing pattern.
The weekly candle is almost finished. So far, there is a pin bar that formed just below a major resistance area. The price action of tomorrow will confirm this candle.
I will be looking to possibly short this pair. The potential might be huge. I am looking at the level of 136.00 as the next support/price target level.
There is a potential for even further declines if price action confirms it of course. As a secondary target I am seeing the level of 125.00.
Depending on the intraday picture, I might try to get into a short trade. I will be looking at the levels of 145.00- 145.50 for a potential hint for a trade.
Also, be careful how the price will react to the lows at 144.00. I expect to see some serious barrier there.
Happy Trading,
Colibri Trader
The weekly candle is almost finished. So far, there is a pin bar that formed just below a major resistance area. The price action of tomorrow will confirm this candle.
I will be looking to possibly short this pair. The potential might be huge. I am looking at the level of 136.00 as the next support/price target level.
There is a potential for even further declines if price action confirms it of course. As a secondary target I am seeing the level of 125.00.
Depending on the intraday picture, I might try to get into a short trade. I will be looking at the levels of 145.00- 145.50 for a potential hint for a trade.
Also, be careful how the price will react to the lows at 144.00. I expect to see some serious barrier there.
Happy Trading,
Colibri Trader
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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.