Hello my friends,
I got another setup coming for you today. Another pair with JPY which is GBPJPY.
I am using daily timeframe for this setup so don't expect price to move quickly along with our direction.
Noticed that price already break below the ascending trendline with a solid candle close from previous candle.
This upwards movement was only a retest of broken trend line in my opinion and we could see price go down again. There is also 61.8% fibonacci retracement resisance around 137.00 area so we could this could serve as a strong resistance.
I am going to take a sell position here because there is some confirmations from my screener.
1st confirmation is price below the kumo cloud
2nd confirmation is kumo cloud color is red
3rd confirmation is parbolic SAR now above the price indicating sell pressure
Sell GBPJPY 137.00
Stop loss 138.00
Take profit 1 at 135.85
Take profit 2 at 134.50
RR ratio is 1 : 2.5
Use only 1-2% risk
Good luck
Disclaimer : I sold GBPJPY from 137.00
I got another setup coming for you today. Another pair with JPY which is GBPJPY.
I am using daily timeframe for this setup so don't expect price to move quickly along with our direction.
Noticed that price already break below the ascending trendline with a solid candle close from previous candle.
This upwards movement was only a retest of broken trend line in my opinion and we could see price go down again. There is also 61.8% fibonacci retracement resisance around 137.00 area so we could this could serve as a strong resistance.
I am going to take a sell position here because there is some confirmations from my screener.
1st confirmation is price below the kumo cloud
2nd confirmation is kumo cloud color is red
3rd confirmation is parbolic SAR now above the price indicating sell pressure
Sell GBPJPY 137.00
Stop loss 138.00
Take profit 1 at 135.85
Take profit 2 at 134.50
RR ratio is 1 : 2.5
Use only 1-2% risk
Good luck
Disclaimer : I sold GBPJPY from 137.00