GBPJPY - H4 Correction to Bearish Continuation
Updated
There is a mild corrective pattern forming on the 4 hour chart of 
GBPJPY. Seems like the pair is taking a little bit of a breather before it resumes downward again.
Here is what we are looking for. Looking for a break of the lower corrective pattern line with an acceleration back into the bearish channel. Once we get a break of the lower corrective pattern line and we are back in the bear channel, we will be looking to go SHORT with a break of support in the range of 146.945 - 147.288. If we feel there is a lot of downward pressure and price is accelerating through support, we will take a SHORT at the top of the range at 147.280. If there is a sustained move aboe the upper corrective pattern line, then negate trade and check the charts for more set-ups.
ENTRY
Around 147.280
STOP
148.650
TARGETS
146.545
145.740
Published on 10/16/17
GBPJPY. Seems like the pair is taking a little bit of a breather before it resumes downward again.Here is what we are looking for. Looking for a break of the lower corrective pattern line with an acceleration back into the bearish channel. Once we get a break of the lower corrective pattern line and we are back in the bear channel, we will be looking to go SHORT with a break of support in the range of 146.945 - 147.288. If we feel there is a lot of downward pressure and price is accelerating through support, we will take a SHORT at the top of the range at 147.280. If there is a sustained move aboe the upper corrective pattern line, then negate trade and check the charts for more set-ups.
ENTRY
Around 147.280
STOP
148.650
TARGETS
146.545
145.740
Published on 10/16/17
Order cancelled
Sustained Move with above upper line of downward channel. Price never dropping back into the channel. Looking for another set-up
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.