GBPJPY - HIGHLY PROBABLE SHORT TRADING OPPORTUNITY
Updated
Hi All,
Good Day!
Based on the Daily Timeframe , we have identified an interesting GJ short opportunity driven purely by trend lines and structure levels. Obviously this is just an overall view of where the Market is going in the next few days / weeks. To enter such trades, always rely on lower timeframe analysis (4H/1H) for a better price entry incorporating bearish chart pattern formations such as bear flags etc.
We witnessed that GJ has been consolidating in a parallel channel over the past few weeks and price has just tested the double top region with some bearish reactions. Ideally, to enter this short opportunity, personally we would be anticipating for price to break the MT- Break? (Minor Trend line) and await the price to retest the broken MT line. Once that has happened, we will dive deep down to lower timeframe analysis to find the best ideal entry with a smaller stop loss just above the broken trend line giving us an amazing risk to reward potential swing trade.
DISCLAIMER: Please do not blindly enter a trade but also do your own due diligence as FOREX market is a highly volatile and risky market. Always focus more on money management because trading is a double edged sword. Enter small lots of 0.01 to test and slowly increase lot sizes once you are more confident that the trade will go your way. DO NOT enter trades of more than 1 LOT just because you want to get rich quickly. Take things slow and you will do just fine in the long run. Its all about the consistency! :D
Trade Safe!
Cheers,
Rocket Traders
Good Day!
Based on the Daily Timeframe , we have identified an interesting GJ short opportunity driven purely by trend lines and structure levels. Obviously this is just an overall view of where the Market is going in the next few days / weeks. To enter such trades, always rely on lower timeframe analysis (4H/1H) for a better price entry incorporating bearish chart pattern formations such as bear flags etc.
We witnessed that GJ has been consolidating in a parallel channel over the past few weeks and price has just tested the double top region with some bearish reactions. Ideally, to enter this short opportunity, personally we would be anticipating for price to break the MT- Break? (Minor Trend line) and await the price to retest the broken MT line. Once that has happened, we will dive deep down to lower timeframe analysis to find the best ideal entry with a smaller stop loss just above the broken trend line giving us an amazing risk to reward potential swing trade.
DISCLAIMER: Please do not blindly enter a trade but also do your own due diligence as FOREX market is a highly volatile and risky market. Always focus more on money management because trading is a double edged sword. Enter small lots of 0.01 to test and slowly increase lot sizes once you are more confident that the trade will go your way. DO NOT enter trades of more than 1 LOT just because you want to get rich quickly. Take things slow and you will do just fine in the long run. Its all about the consistency! :D
Trade Safe!
Cheers,
Rocket Traders
Trade active
Price Broke MT Line - Waiting for a bearish correction pattern to enter for a good RR trade!
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