Good week everyone.
Lets take a quick look on gbpjpy which might have reached a strong supply zone.
As we can see on the weekly chart this 147.500 zone has been tested as resistance and support multiple times before and has been respected it, now we are on this conflict zone again.
The indecision can be confirmed on daily chart, 2 doji candles in a row and now we are overbought.
So what is a good way to short this pair?
Wait for a breakdown and re-test of the ascending trendline on the H4 chart (the re-test is optional but give u a better strike rate).
Good target for position reduction is around 146.0 zone, an extended target is at 145.00 zone.
Dont rush to sell already, wait the breakdown, patience is the key and the mind is the limit.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Lets take a quick look on gbpjpy which might have reached a strong supply zone.
As we can see on the weekly chart this 147.500 zone has been tested as resistance and support multiple times before and has been respected it, now we are on this conflict zone again.
The indecision can be confirmed on daily chart, 2 doji candles in a row and now we are overbought.
So what is a good way to short this pair?
Wait for a breakdown and re-test of the ascending trendline on the H4 chart (the re-test is optional but give u a better strike rate).
Good target for position reduction is around 146.0 zone, an extended target is at 145.00 zone.
Dont rush to sell already, wait the breakdown, patience is the key and the mind is the limit.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Kommentera:
Good ride for those who took it =)
Kommentera:
Pair has still some room downside but for now a consolidation period is expected.
if another trade opportunity show itself i'll create a new post.
if another trade opportunity show itself i'll create a new post.
