British Pound / Japanese YenUpdated GBPJPY
Excuse the messy drawings - but what we have on the GBPJPY here is a weekly time frame and a 3rd touch of the Gann line going down. It has touched and rejected. Heiken candles have then come all the way back to the trend line and below the T3.
With the extension we have seen, some exhaustion might be starting to set in.
In terms of COT Data - we have a 32.6k Long position with GBP which saw negative 9k this week. As for shorts, we have a 53.1k with an additional 2k being added.
As for Yen - 41.9k Long and 2.9k added - however, the only kicker from a COT perspective is that we also saw an additional 6k short positions added to make it now 31.7k short.
Be great to get thoughts and comments on this pair.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s and Forex. Hence each trade setup might have different hold times, entry or exit conditions and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
With the extension we have seen, some exhaustion might be starting to set in.
In terms of COT Data - we have a 32.6k Long position with GBP which saw negative 9k this week. As for shorts, we have a 53.1k with an additional 2k being added.
As for Yen - 41.9k Long and 2.9k added - however, the only kicker from a COT perspective is that we also saw an additional 6k short positions added to make it now 31.7k short.
Be great to get thoughts and comments on this pair.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s and Forex. Hence each trade setup might have different hold times, entry or exit conditions and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Note
Using the Heiken - 15min chart candle is under the trend, 30min, the candle just turned red & indicator called short.1hr chart, the candle is red and consolidating.
4hr chart - the bars are extended but the OBV/RSI is at it's peak in terms of overbought. Couple this above with negative GBP COT data, the UK spending 1% of their GDP on paid lockdown, Brexit in the background and last week the UK had more COVID deaths than the rest of Europe combined.
Looking more likely for a short, even if it's only a pullback from the Gann levels on the chart.
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Masterclass Webinar: mayfairtradingevents.com
Prop firm partners (FTMO)
shorturl.at/hBEQ4
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.
Discord Server for education and advanced techniques: discord.gg/5t3w47raHe
Masterclass Webinar: mayfairtradingevents.com
Prop firm partners (FTMO)
shorturl.at/hBEQ4
Masterclass Webinar: mayfairtradingevents.com
Prop firm partners (FTMO)
shorturl.at/hBEQ4
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.