GBPJPY watching for short

Aug 16, 2020Touching 6/5 high on 8/13 and reversal on 8/14. From 8/3 to 8/10 it formed flag and it exceeded upwards but if this flag fails there can be the opportunity for short.

Aug 23, 2020

Comment

While waiting for the short sign, it created the strong bear bar on 8/21. Maybe it can be the good strategy to put stop entry at the below that strong bear bar. In that case the stop loss can be at 60% from the low of the bear bar. To be more conservative, should wait for one more price action.