GBPJPY sell and buy idea
Updated
the overall move is on an upward trend
going down to 15m chart, I'm looking to sell the double top
I'm looking to exit the sell around the 61.8% retracement of the move upwards
and look to see what price action does at this blue zone
scoping out the price action at this blue zone will tell me if I want to go for the buy
this is in correlation with other GBP pairs as I am expecting them to continue their trudge upwards
1HR chart:
been showing weakness since 7am today
multiple signs of reversal coming soon. we've got lots of wicks to the upside. doji candlesticks. bearish pin bars.
4H chart:
4H bearish pin bar signaling reversal
SELL trade instructions:
sell limits in and near the top of the zone
stop loss ~20 pips. I place it a few pips above the most recent wicks in that area
target ~10 pips or so before 61.8 level to be safe
BUY trade instructions:
wait for price action
PAYtience
going down to 15m chart, I'm looking to sell the double top
I'm looking to exit the sell around the 61.8% retracement of the move upwards
and look to see what price action does at this blue zone
scoping out the price action at this blue zone will tell me if I want to go for the buy
this is in correlation with other GBP pairs as I am expecting them to continue their trudge upwards
1HR chart:
been showing weakness since 7am today
multiple signs of reversal coming soon. we've got lots of wicks to the upside. doji candlesticks. bearish pin bars.
4H chart:
4H bearish pin bar signaling reversal
SELL trade instructions:
sell limits in and near the top of the zone
stop loss ~20 pips. I place it a few pips above the most recent wicks in that area
target ~10 pips or so before 61.8 level to be safe
BUY trade instructions:
wait for price action
PAYtience
Note
sell trade 60 pips in profitNote
took a lot longer than expected however it played out perfectly. you should've bought the 61.8 area
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