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Bearishbias

Another GBPJPY Swing ShortIf you like this idea, like it and follow me for more. Colour key: Blue = Monthly TF, Pink = Weekly TF, Grey = Daily/4H TF. I'm trying out a new strategy which puts a larger emphasis on the bigger picture i.e. the monthly/weekly trends. As you can see, i've marked out several supply and demand (S&D) zones where price has reacted in the past. I've also marked out a trendline to emphasise the fact that GJ appears to be in a downtrend. If price comfortably breaks this trendline then my bearish bias has been invalidated. Until then, i intend to sell all the way down to the bottom zone, which is a major monthly S&D zone. Some of the smaller zones before it will act as areas to take partial profit. Updates to follow, follow me to see them.
Short
by darbova
Overall Bearish Bias CHFJPYPrice appeared to have broken the low during the previous month. This monthly candle appears to be a retracement or a retest of that level. So far it a look as if price will respect that level and may be signaling it's setting up to make a large push to the downside. The weekly time frame show a double top, with a retest to the neckline, price also met resistance at and respected the trend line creating a lower high. Expecting a price to retrace/test and respect the 61.8 fib level on the daily, then creating a bearish impulse/continuation. I'm expecting price to sell off into the lower eclipse, possibly to the lower trend line and respect it, creating a lower low of the bearish trend, while simultaneously creating a higher low in the bigger picture. (this explains the purple and red drawings) Feel free to like, or comment and post your analysis if you see something different!!
Short
by NoCeilingsTrading