GBPJPY - Short. (xr-shorterm)
This is a risker trade placed in some traffic when looking into the smaller TFs . Larger TFs show indecision or a slow in bull momentum.
On Lower-TFs we see a series of higher lows and lower highs. (Symmetrical Triangle Chart Pattern.)
However the rejection off the 618. golden zone could indicated this being a bearish triangle rather than a bullish one.
On Larger-TFs we see a long-legged Doji candle formed after testing some major resistance. The next candle showed signs of a spinning top. Demonstrating signs of indecision for the bullish trend.
I feel a temporary trend reversal is in order before testing 152.50 Weekly S/R or 155 Monthly S/R.
1.5% risk.
TP1 / 0 / 30%
TP2 / .25 / 40%
TP3 / -.618 / 30%
On Lower-TFs we see a series of higher lows and lower highs. (Symmetrical Triangle Chart Pattern.)
However the rejection off the 618. golden zone could indicated this being a bearish triangle rather than a bullish one.
On Larger-TFs we see a long-legged Doji candle formed after testing some major resistance. The next candle showed signs of a spinning top. Demonstrating signs of indecision for the bullish trend.
I feel a temporary trend reversal is in order before testing 152.50 Weekly S/R or 155 Monthly S/R.
1.5% risk.
TP1 / 0 / 30%
TP2 / .25 / 40%
TP3 / -.618 / 30%
Note
Targets hit. TP1 - hit
TP2 - hit
TP3 - manually closed at 0.
so successful trade
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.