GBPJPY- At resistance trendline and forming triangle
Updated
SHORT - GBPJPY
SL: 143.691 (Suggested by our algorithmic system)
TP: 140.801 (Suggested by our algorithmic system)
Reasons behind this idea:
1. Price is close to the long-term resistance trendline
2. Bearish divergence detected on the OBV indicator
3. Stochastic is overbought.
CAUTION: Well, according to our algorithmic system this is a valid idea to go short however I'm personally concerned there are still hidden buyers not come out yet from the long consolidation during October and November. To play this safer, you can wait to see if the price rips through the trendline first before going short on this currency.
---------- Chart Drawings ----------
Blue Dotted Line: Broken Support Trendline
Red Dotted Line: Broken Resistance Trendline
Blue Solid Line: Support Trendline
Red Solid Line: Resistance Trendline
Blue Rectangle Box: Support Level
Red Rectangle Box: Resistance Level
Blue Arrow Line: Bullish Divergence
Red Arrow Line: Bearish Divergence
Purple Vertical Line: Suggested Stoploss by our algorithmic system
Green Vertical Line: Suggested Stoploss by our algorithmic system
Trade idea from our mobile app: ibb.co/LrGvdbk (Timestamp is in Australian Sydney Time UTC+7)
Please trade responsibly and good luck!
SL: 143.691 (Suggested by our algorithmic system)
TP: 140.801 (Suggested by our algorithmic system)
Reasons behind this idea:
1. Price is close to the long-term resistance trendline
2. Bearish divergence detected on the OBV indicator
3. Stochastic is overbought.
CAUTION: Well, according to our algorithmic system this is a valid idea to go short however I'm personally concerned there are still hidden buyers not come out yet from the long consolidation during October and November. To play this safer, you can wait to see if the price rips through the trendline first before going short on this currency.
---------- Chart Drawings ----------
Blue Dotted Line: Broken Support Trendline
Red Dotted Line: Broken Resistance Trendline
Blue Solid Line: Support Trendline
Red Solid Line: Resistance Trendline
Blue Rectangle Box: Support Level
Red Rectangle Box: Resistance Level
Blue Arrow Line: Bullish Divergence
Red Arrow Line: Bearish Divergence
Purple Vertical Line: Suggested Stoploss by our algorithmic system
Green Vertical Line: Suggested Stoploss by our algorithmic system
Trade idea from our mobile app: ibb.co/LrGvdbk (Timestamp is in Australian Sydney Time UTC+7)
Please trade responsibly and good luck!
Trade closed: stop reached
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