GBPJPY (1 Hour): A possible short opportunity???
Hello traders, here's my view on this pair for this week, enjoy.
Reward: 588.5 pips🤑
Risk:40 pips❌
Risk/Reward Ratio: 14.4✅
Entry Reasons:
✅ Head and Shoulders pattern( Bearish)
✅ Break and re-test of upward trendline
✅ Bearish engulfing candlestick formation at minor resistance
Chart Breakdown:
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DR.Swing_Forex
Reward: 588.5 pips🤑
Risk:40 pips❌
Risk/Reward Ratio: 14.4✅
Entry Reasons:
✅ Head and Shoulders pattern( Bearish)
✅ Break and re-test of upward trendline
✅ Bearish engulfing candlestick formation at minor resistance
Chart Breakdown:
- Daily: We have a uptrend in place on the daily timeframe and price is at a support level that might be broken as price failed to complete a buy setup on this support level. Price is on it's way down from a significant resistance
level. - 4 Hour: We also have an uptrend in place on this timeframe but it might be ending as we have a head and shoulders formation indicating a potential trend reversal.
- 1 Hour: We have a break below the neckline of the head and shoulders formation, indicating to us that its's time to sell this pair.. We also have a 2nd break and re-test of of an upward trendline together with a bearish engulfing
candlestick formation to confirm the sells.
Please comment, like and follow DR.Swing_Forex for more quality ideas.👍
DR.Swing_Forex
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