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Gbpjpysell

GBPJPY - 250 PIPS+ SHORT OPPORTUNITYDo not open any trades yet, wait for second high test. No trades have been opened yet, waiting for the confirmation. GBPJPY has broken under the 4H 50 EMA and is failing to recover back on top of it. After a drop in prices, it recovered and did a high test (Prices pushing up in a short trend but failing to break the resistance (4H 50 EMA). We can expect a drop and break of the 200 EMA to happen eventually. Wait for another high test (Green candle with tick only on top of body) to confirm this pair is going to drop. Once the pair makes another successful high test, we can short it and put our SL above the 4H 50 EMA. Trade safe.
Short
by MoolahMaker
GBPJPY Forming down channel after a break of the up channel On the daily there are some interesting things happening; What counts against the trade is the EMA50 was broken with a serious bull candle but the 0.618 Fib level is being respected. Pro's There is a clear up channel break and it is text book trading on the Weekly candles. Set SL at 147.500 and there is a lot of protection; 2 Major Fib levels and the down channel that formed trend line. With a profit to risk ratio of just over 2 this is a go...... Cons The EMA50 (D) might hold...... Things to remember This is a setup making use of W and D candles so it might take some time to play out; patience will be key!!!
Short
by Jakesvanzyl