GBPJPY Weekly Sell - daily pinbar, trendline retest
GBPJPY recently formed a daily pinbar and retraced back to the selling range. This indicates a potential short-term selling opportunity, especially as the price has already tested the support trendline twice before. Therefore, we can anticipate that GBPJPY will form another bearish wave and test the previous support level again.
To enter the trade, we can wait for another 4hr bearish candle to confirm the bearish sentiment. Additionally, we can keep an eye on the sell volume to confirm the strength of the selling pressure. If the selling volume increases, we can confidently enter the trade with a stop-loss above the previous resistance level.
To enter the trade, we can wait for another 4hr bearish candle to confirm the bearish sentiment. Additionally, we can keep an eye on the sell volume to confirm the strength of the selling pressure. If the selling volume increases, we can confidently enter the trade with a stop-loss above the previous resistance level.
Note
If the bearish pennant is confirmed, we can adjust the stop loss and increase the lot size.Trade closed manually
I closed with 2% profit for now.Trade active
Reentered with a small size:Trade closed manually
Closed with -0.5%, Happy weekend.
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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.
Related publications
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.