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British Pound / Japanese Yen
Short

GBPJPY be ready to short at pinbar rejection at top of kumo

By dcargotrades
Updated
Be ready to short on any pin bar reversal at top of cloud although there looks to be a short term sell entry currently forming with the current candle (bearish engulfing).
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Take a look at the big picture and past bearish kumos the rejection patterns with this pair on the 1 hour tf they are very clear but always be ready for a breakout to the upside.
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I recommend a small sell position now and a larger sell position if there is a pin bar rejection and cs is rejected from below cloud.
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Sell the pullbacks from this position.
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Waiting on a doji or reverse pinbar for a big sell signal.
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Would not be a bad idea to take some profits now, price may exit the cloud and go up but I would still be looking for a pinbar reversal at that point as I wouldnt expect price to break this line of resistance around 131 280.
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If cs breaks above cloud this is the signal for going long, but there is still a big possibility of reversal, watch the candles.
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We have had a very short breakout from the cloud which did break through that resistance level, I am currently short, still anticipating a big move to the downside below the cloud.
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Finally this trade is back in profit, hopefully now we will continue all the way down.
Not the way most of my trades play out usually I am out fast.
Most of this mornings profit opportunities I missed due to being away from the computer.
Trade closed manually
Made some small gains to make up for earlier losses on this trade.
Closed this trade not prepared to leave it overnight, might take a small sell position.
We are almost certainly on the way below the cloud.
Comment
Looks ominous for a big upmove on the daily.
Comment
We are going down below cloud my advise is wait for new candle below cloud and sell.

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