Evening Traders,
Today’s analysis – GBPJPY- trading below Local S/R that has confluence, further downside probable,
Points to consider,
- Price Action Impulsive
- Local S/R Resistance ( .50 Fibonacci Confluence)
- Long Liquidity Target ( Dynamic 200 MA Confluence)
- RSI Bullish Control Zone
- Increasing Volume
GBPJPY’s immediate price action is impulsive under Local S/R where a bearish retest is probable; this allows us to have a bearish bias.
Long Liquidity being in confluence with the 200 MA, is likely to be tested with a wick. Exceeding this level will make the extended target, Daily S/R.
The current RSI is in its bullish control zone, breaking below will be indicative of weakness in the market.
Current Volume Profile is increasing, this signifies a true break of Local S/R where follow through is probable.
Overall, in my opinion, GBPJPY is a valid short with defined risk; price action is to be used upon discretion/ management.
Thank you for following my work
And remember,
It does not matter how slowly you go as long as you do not stop.”Confucius
Today’s analysis – GBPJPY- trading below Local S/R that has confluence, further downside probable,
Points to consider,
- Price Action Impulsive
- Local S/R Resistance ( .50 Fibonacci Confluence)
- Long Liquidity Target ( Dynamic 200 MA Confluence)
- RSI Bullish Control Zone
- Increasing Volume
GBPJPY’s immediate price action is impulsive under Local S/R where a bearish retest is probable; this allows us to have a bearish bias.
Long Liquidity being in confluence with the 200 MA, is likely to be tested with a wick. Exceeding this level will make the extended target, Daily S/R.
The current RSI is in its bullish control zone, breaking below will be indicative of weakness in the market.
Current Volume Profile is increasing, this signifies a true break of Local S/R where follow through is probable.
Overall, in my opinion, GBPJPY is a valid short with defined risk; price action is to be used upon discretion/ management.
Thank you for following my work
And remember,
It does not matter how slowly you go as long as you do not stop.”Confucius
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Disclaimer
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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.