2023 Jan 12 GBPJPY
Updated
Risk/Reward 3:1
Bias: Shorts
Confluences
Macro
Daily - Market heavily rejected price 161.000 this price zone being a Daily key level as well as a psychological level.
4h - Repeated rejection price action found on this timeframe from said Daily key level, consolidating BELOW 161.000 price zone. An indication that Bullish momentum is fading away from the market.
4h - After the rejection(s) against the said key level, GBPJPY DID NOT create a new structural higher low (originally GJ was transitioning into a Bullish condition market from previous week's price). Thus in turn continued pushing towards the DOWNSIDE, ultimately breaking the expected bullish condition market structure. Price actually ended up breaking BELOW 159.500 (Daily Key level) from last night's London session. This huge push to the downside is translated from the Daily timeframe confluence.
Micro
15min - Last week Friday's US session used as entry zone.
5min - Rejection Bearish candle closure used as entry point.
Remarks: This was a Bearish continuation trade from previous session(s) (last night's Asia/London sessions) Bearish momentum.
Bias: Shorts
Confluences
Macro
Daily - Market heavily rejected price 161.000 this price zone being a Daily key level as well as a psychological level.
4h - Repeated rejection price action found on this timeframe from said Daily key level, consolidating BELOW 161.000 price zone. An indication that Bullish momentum is fading away from the market.
4h - After the rejection(s) against the said key level, GBPJPY DID NOT create a new structural higher low (originally GJ was transitioning into a Bullish condition market from previous week's price). Thus in turn continued pushing towards the DOWNSIDE, ultimately breaking the expected bullish condition market structure. Price actually ended up breaking BELOW 159.500 (Daily Key level) from last night's London session. This huge push to the downside is translated from the Daily timeframe confluence.
Micro
15min - Last week Friday's US session used as entry zone.
5min - Rejection Bearish candle closure used as entry point.
Remarks: This was a Bearish continuation trade from previous session(s) (last night's Asia/London sessions) Bearish momentum.
Trade closed: target reached
As expected, price pushed into take profit within less than an hour. Take profit being at a MAJOR weekly key level @ price 158.000.
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