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Gbpyjpyshort

GBPY SHORT Price has slowed down and is now looking to make a reversal or a retracement. If you look to the left at previous price history you will see that price has met resistance at an area that previously acted as support. In the bigger scheme of things price has been in a downtrend and i think i see price making a new Lower high on the bigger time frame. I see price retracting to test the previous high. Then shooting back up to test the trendline (the red line), ultimately making a double top before falling yet again..... Please Like, Follow or Comment. What do you think???????
Short
by NoCeilingsTrading
gbpjpy shortWill be monitoring this trade closely this week, but my bias remains short at the moment. the area where the ray line is has been a good intraday support and resistance area. Which aligns perfectly with the .318 fib which is added confluence for a strong level of resistance for the current price action. Ill be waiting for a retest to that ray line for an entry only if it goes up correctively, if it impulses through that zone will sit on my hands and wait to see what the market is doing. I wouldn't be surprised if we get a sharp impulse down through the monthly support level below into a bear flag continuation to the downside where ill be taking an entry if i see a clean structure of the flag.
by TradingAfterCollege