A strong daily rejection
GBPJPY forecast…
We have a retracement to the daily fair value gap, from this data it is gathered that this daily area is quite a significant rejection level because when we shift to this current timeframe, we acknowledge that the bullish channel is slightly invalidated. The bullish viability has been decreased, the bias is now bearish. I would love to see price break below the swing low between levels 191.500 and 191.00 for further confirmation. Should we get the clearance, then we’ll have displacement which will lead us to a bearish entry after the flip to our point of interest which happens to be the liquidity pool at 192.500. This potential bearish trade is an anticipated 1:5, a stop loss of 100 pips to a target of 500 pips at 187.500. The plan is to move our stop to break even and partial out when price drops below 191.000 in profit, then we shall be in a risk free trade…
We have a retracement to the daily fair value gap, from this data it is gathered that this daily area is quite a significant rejection level because when we shift to this current timeframe, we acknowledge that the bullish channel is slightly invalidated. The bullish viability has been decreased, the bias is now bearish. I would love to see price break below the swing low between levels 191.500 and 191.00 for further confirmation. Should we get the clearance, then we’ll have displacement which will lead us to a bearish entry after the flip to our point of interest which happens to be the liquidity pool at 192.500. This potential bearish trade is an anticipated 1:5, a stop loss of 100 pips to a target of 500 pips at 187.500. The plan is to move our stop to break even and partial out when price drops below 191.000 in profit, then we shall be in a risk free trade…
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