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GBPJPY: Bat Pattern / SELLOn FX:GBPJPY , as you look at 4H chart, it is clear that the market moves sideways. There is no direction bias. The price is going close to 17th September High, where the price bounce is expected. The big institutional order mostly placed on key zones, so why not follow big guys?! There is a valid bat pattern, which gives the signal where to go short. Also, we have clear SL and TP zones identified. Thus, when the price hits 88% retracement of XA leg, it is a good signal for SELL. This potential trades has a great Risk/Reward. T1 - 38.2% T2 - 61.8% ----------------------------------------------------------------------------------------------------------------------------------------------- Do you Trade Binary Options? We made a list of 10 Best Brokers at www.binaryreviewed.com
Short
by Art_of_Trading
SHORTING EURGBP AT RESISTANCE, FIBONACCI LEVEL AND "BROKEN FANG"The EURGBP0.18% has multiple times had trouble with the dashed blue line (both now and in the past, go the the 4hr chart!) but has recently broken through it and is now coming back up. We look to short it when it comes back into the 0.7155s again as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs. We are also in an obvious downtrend on this pair as can be seen on the pink lines indicating lower highs. Our stops go above the resistance level and I'm hoping to catch a 1:3 on this one as price should come back down to at least 0.7126. Moving my stops to breakeven when price hits 2/3 of profit. Good luck everyone and as usual, hold your thumbs!
Short
by TheSupportResistanceTrader