GBPJPY Short
Price has broken out of the upward trend line and printed a lower low, and looks be forming an equal high, i am anticipating a move to the downside, to retest previous lows.
Awaiting candlestick reversal pattern
confluences -
Double Top
Lower low
rejection of higher time frame downward trend line
I don't like however that price is above the 4 hourly 50ma and so I may wait for a convincing close below this moving average.
I've got multiple targets for this trade which I don't usually do but I want to see closely how price reacts with each support which may cause price to reverse, 1/3 R/R to my first target.
Awaiting candlestick reversal pattern
confluences -
Double Top
Lower low
rejection of higher time frame downward trend line
I don't like however that price is above the 4 hourly 50ma and so I may wait for a convincing close below this moving average.
I've got multiple targets for this trade which I don't usually do but I want to see closely how price reacts with each support which may cause price to reverse, 1/3 R/R to my first target.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.