Evening Traders,
Today’s analysis – GBPJPY – trading under local resistance where further downside is probable,
Points to consider,
- Price Action Corrective
- Local S/R Resistance
- Swing Low Objective
- Low Trading Volume
GBPJPY’s immediate price action is trading below a local s/r, a technical trading location that is giving price current resistance, allowing for a short bias.
The objective is the swing low, taking this level out will increase the probability of a trend continuation.
The current volume profile is below average, an influx is highly imminent when testing key trade locations.
Overall, in my opinion, GBPJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“The market is a device for transferring money from the impatient to the patient.” – warren buffet
Today’s analysis – GBPJPY – trading under local resistance where further downside is probable,
Points to consider,
- Price Action Corrective
- Local S/R Resistance
- Swing Low Objective
- Low Trading Volume
GBPJPY’s immediate price action is trading below a local s/r, a technical trading location that is giving price current resistance, allowing for a short bias.
The objective is the swing low, taking this level out will increase the probability of a trend continuation.
The current volume profile is below average, an influx is highly imminent when testing key trade locations.
Overall, in my opinion, GBPJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“The market is a device for transferring money from the impatient to the patient.” – warren buffet
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Unlock Blofin Bonuses
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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.
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.