GBPJPY - Trend-Following Sell Setup!
Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
GBPJPY is overall bearish making lower lows and lower highs.
Since the last minor high in blue is broken upward, we know that the correction movement started.
Now we are waiting for the next impulse movement to start and push GBPJPY lower to make a lower low as we are overall bearish.
However, we don't sell blindly. we always wait for the bears to take over again first before we sell.
on M30: GBPJPY is forming a wedge pattern in red.
As per my trading style, I will be waiting for a new swing low to form around the lower red trendline (projection in purple) to consider it the last minor low, and then sell after a momentum candle close below it.
Meanwhile, until the sell is activated, GBPJPY would be bullish in a correction movement and we can still go higher.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
GBPJPY is overall bearish making lower lows and lower highs.
Since the last minor high in blue is broken upward, we know that the correction movement started.
Now we are waiting for the next impulse movement to start and push GBPJPY lower to make a lower low as we are overall bearish.
However, we don't sell blindly. we always wait for the bears to take over again first before we sell.
on M30: GBPJPY is forming a wedge pattern in red.
As per my trading style, I will be waiting for a new swing low to form around the lower red trendline (projection in purple) to consider it the last minor low, and then sell after a momentum candle close below it.
Meanwhile, until the sell is activated, GBPJPY would be bullish in a correction movement and we can still go higher.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Trading Made Simple; and Rule-Based
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram:
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram:
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
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.