RUNE: Seems that we are out of the woods The price broke a rising wedge which is usually a bearish pattern and with a good volume candle too.
See ya at $14
Good luck!
Brokenwedgepattern
Quick 300 PIPS on this babyPrice has formed a broken wedge
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9-19-19 GBPJPY short trade play ideaHere is another Forex Trading Snack!
Yes I know...
But there is significant amount of news risk associated with trading GBP pairs right now, you say.
True! But using calculated risks, there is a great opportunity for an over sized reward for the risk taken in my opinion.
First this pair has completed a double bottom pattern
It has moved up from that bottom some 600-700 pips
It has built on the way up an ascending wedge pattern which has also broken that to the down side.
All of those things point to a higher probability of a reversal in direction lower in price and or a greater opportunity of slower grinding move higher from here. In other words the odds favor prices going lower in my opinion. I just feel without bigger news reports that point to more positive Brexit news—grinding around similarly as it has done week is its best showing to the upside. This week was filled with rate decisions and central bankers and price remains still close to it top but within a range.
When I was a new trader my mentor said all to often to me, “ What doesn’t go up has only one way to go! “
I’m leaning towards another short term pop up in price attempting to retest the highs or even setting another new high but remain under that ascending wedge’s broken lower trend line.
Here is s landscape view of the whole double bottom up to its targeted range and the ascending wedge pattern.
I do have an alternative trade idea should we not get a pop-up in price. I’ll post it in the comments section that is to follow.
If you decide to trade this idea, you also assume all risk of loss.
In trading you either make dust or you eat dust!
All the best In Your trading.
