Last week, the pair hit a resistance while in a downtrend. since then market was a little bit noisy.
Hereby, creating a head and shoulders pattern[confirmation 1] on the 1hour time frame.
I used the 10,20 and 50 MA for trend confirmation and i got a confirmation by the crossing of the 10 MA[GOLD] over the 20 MA[GREEN] [CONFIRMATION 2].
I then went to the 15min time frame, to look for suitable entries for the trade. And i got another confirmation on my fibonacci retracement tool gold zone, where price retraced and started a reversal.
I AM LOOKING TO GO SHORT ABOUT 50-100 PIPS.
GBPJPY
Hereby, creating a head and shoulders pattern[confirmation 1] on the 1hour time frame.
I used the 10,20 and 50 MA for trend confirmation and i got a confirmation by the crossing of the 10 MA[GOLD] over the 20 MA[GREEN] [CONFIRMATION 2].
I then went to the 15min time frame, to look for suitable entries for the trade. And i got another confirmation on my fibonacci retracement tool gold zone, where price retraced and started a reversal.
I AM LOOKING TO GO SHORT ABOUT 50-100 PIPS.
GBPJPY
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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.