LOOKING TO SHORT GBP/JPY
GBP/JPY 1H - As you can see price has traded us into a FVG and rejected well to the downside, this is giving us the suggestion that price may be looking to trade lower now.
In order for us to deem a valid entry I want to see price trade us up and into the Supply Zone I have gone ahead and marked out above, this will allow us to get involved with a more refined entry as well.
By price trade up and into this, rejecting to the downside and providing us with a fractal BOS, it tells us that the correction trading us up initially has come to an end and the new impulsive wave trading us lower is now ready to take place.
I will set an alert just underneath the area of interest, once price trades up and into this zone I will wait patiently for the opening of a trade, as soon as we have the BOS this is when I will be looking to get involved, its important we have as much confirmation as possible.
In order for us to deem a valid entry I want to see price trade us up and into the Supply Zone I have gone ahead and marked out above, this will allow us to get involved with a more refined entry as well.
By price trade up and into this, rejecting to the downside and providing us with a fractal BOS, it tells us that the correction trading us up initially has come to an end and the new impulsive wave trading us lower is now ready to take place.
I will set an alert just underneath the area of interest, once price trades up and into this zone I will wait patiently for the opening of a trade, as soon as we have the BOS this is when I will be looking to get involved, its important we have as much confirmation as possible.
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.