GBP/JPY SELL SIGNAL Hey tradomaniacs,
welcome to a new free trading-setup.
Notice: This is meant to be a preparation for you! As always we will have to wait for a confirmation!
GBP/JPY: Daytrade-Preparation
Market-Sell-Order: 138,560
Stop-Loss: 139,150
Target 1: 138,090
Target 2: 137,600
Target 3: 137,220
Stop-Loss: 59 pips
Risk: 0,5 % - 1%
Risk-Reward: 2,30
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Peace and good trades
Irasor
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Gbpjpysell
GBPJPY, 4hr timeframe, price back into zone after false breakHello my friends,
I previosly posted about the chance of GBPJPY making a broadening wedge pattern.
Looking at the previous daily candle of all GBP pairs, i could say that most of the pairs making a bearish reversal candle so there is possibility GBPJPY could turn lower as well.
I am closing my previous buy and cut my losses at138.90 for -20 pips.
At the same time i switched into sell position because the last 4hr candle close also support further downside.
Sell GBPJPY 138.90
Stop loss 139.50
Take profit 137.85
RR ratio is 1 : 1.75
Risk only 1% of your equity
Set stop loss to entry once price move below 138.50
Good luck
GbpJpy outlookAfter reaching 140 zone for the second time in the past 2 months, GbpJpy rolled back and is trading under 139 at the time of writing.
I expect this resistance to be strong and for the pair to drop to 136.50 in the medium term.
In my opinion, rallies should be sold and only a daily close above 140.50 would change this outlook
GBPJPY POTENTIAL SHORT TRADE SETUPHi Traders,
- In the GBPJPY 2H chart above, price is trading within an ascending wedge pattern.
- Price made a multi-touch on the upper trendline which is suggesting deceleration of buyers.
- I will be watching out for the breakout of the green levels on the chart which will also lead to the break of the ascending trend lines for short entries.
- Price has the potential to move lower towards the major ascending trendline on the chart.
I'll be watching how this plays out in the days ahead.
Kindly support this analysis with your likes and comments.
Thanks for reading!
Veejahbee.