Hi Guys,
This is my second TA on Forex since I started posting my idea on TV. Please do not take this analysis seriously as I am still trying my best endeavour to learn from the master - tntsunrise.
Trading Forex is certainly not easy, however I do see the potential of making higher profits than trading Cryptos. I have been encouraging a few of my close followers to have a look of tntsunrise's free tutorials and most of them felt benefit after watching his tutorials. The knowledge can also be applied to the Cryptos market.
Let's look at the chart above. GBPJPY has broken down the 16 months trendline in Feb 2018 and has recently retested the trendline and failed. Thereafter, a huge drop ensued and found some support at the 147.53 level. Since GBPJPY has made a lower low and a lower high, I will try to find a pull back opportunity to short this pair.
If you look closely, the 0.618 pullback (150.585) coincidently is at the same level as the neckline. As well, MA89 is currently at the same level. These, will act as a strong resistance. Consequently, I will wait for GBPJPY to pull back to 150.585 and watch for a bearish candle, then short. If GBPJPY pair never pull back to that level, I will just find another opportunity. Sometimes not trade is a better trade.
The SL has to be set at least above 152.76. R/R ratio is 1.16 & 2.82 as shown on the chart.
Taiwan Bear
This is my second TA on Forex since I started posting my idea on TV. Please do not take this analysis seriously as I am still trying my best endeavour to learn from the master - tntsunrise.
Trading Forex is certainly not easy, however I do see the potential of making higher profits than trading Cryptos. I have been encouraging a few of my close followers to have a look of tntsunrise's free tutorials and most of them felt benefit after watching his tutorials. The knowledge can also be applied to the Cryptos market.
Let's look at the chart above. GBPJPY has broken down the 16 months trendline in Feb 2018 and has recently retested the trendline and failed. Thereafter, a huge drop ensued and found some support at the 147.53 level. Since GBPJPY has made a lower low and a lower high, I will try to find a pull back opportunity to short this pair.
If you look closely, the 0.618 pullback (150.585) coincidently is at the same level as the neckline. As well, MA89 is currently at the same level. These, will act as a strong resistance. Consequently, I will wait for GBPJPY to pull back to 150.585 and watch for a bearish candle, then short. If GBPJPY pair never pull back to that level, I will just find another opportunity. Sometimes not trade is a better trade.
The SL has to be set at least above 152.76. R/R ratio is 1.16 & 2.82 as shown on the chart.
Taiwan Bear
Note
If you are following this idea, please take at least half of profits between 141.83 & 142.8.You can reopen your short positions on pull back, which should pull back to around 147 - 147.5. Watch for bearish signs such as bearish fakey pin bar, double top, inside bar breakdown, harmonics.
Note
Note
Target 1 hit.Note
Second target hit. Can take most of your profits and let the rest run to around $144. There may be a butterfly formation.
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Related publications
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.