GbpJpy Melting
The reason this play should play out because since the beginning of March the Pound has been in a downtrend creating lower high and low prices, And the trend has be verified.
On the daily we have a collection of variables that support the down move .
1st We have market structure creating lower swing points on the daily frame with price currently at a lower high swing , Which signals us opportunity to enter short.
2nd candlestick wise we have a bullish rejection candle closing bearish showing that bulls could not proceed to bring price higher.
3rd we have price rejecting the tools of the 20 ema and the 50 fib, with price also retesting a broken support.
Risk we are looking at around 100 points and seeking a reward of 500. So giving us a 5:1 ratio.
Need Next candle to follow up with bearish momentum to give final confirmation and we in the game for a long ride
On the daily we have a collection of variables that support the down move .
1st We have market structure creating lower swing points on the daily frame with price currently at a lower high swing , Which signals us opportunity to enter short.
2nd candlestick wise we have a bullish rejection candle closing bearish showing that bulls could not proceed to bring price higher.
3rd we have price rejecting the tools of the 20 ema and the 50 fib, with price also retesting a broken support.
Risk we are looking at around 100 points and seeking a reward of 500. So giving us a 5:1 ratio.
Need Next candle to follow up with bearish momentum to give final confirmation and we in the game for a long ride
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