I have gone short on this trade here based on (4hr charts)
resistance line
price congesting at the resistance showing reluctance to break through
MACD showing hidden bearish divergence
OSMA showing regular bearish divergence
it’s above the 50EMA so likely to return
at the top of Bollinger band range
what initially looked like a flag pattern has broken
What do you think?
The only thing against it is the daily chart upward channel, it’s in the middle of that range and a return might just be a return to the support trendline.
Just looking at the pricing naked on my chart. I think I would prefer it to break below and away some of the resistance around 147.30. With that said, I agree that the market currently is looking bearish. Just not favorable enough for me to put my own money into it.
looks like a good move, GBPUSD touched the top of the bollingers yesterday, and seems to be moving the GBP down in general. GBPJPY was also near the top of the channel. watch out for the halifax and services PMI later today, as well as ADP non-farm employment for USD, it has bearing on GBPJPY as well if the numbers are drastic enough.
Sadly not, it moved that way overnight then came back. I could have got out at +100 but I was aiming for the support at 145.63. Too far maybe though it might still go that way.
Hit my stop at +35 where I had moved it to.
It has retraced in a random place hasn’t it? Although it is a bounce off the Bollys.
I can’t se me entering again unless it returns to 149.63 or maybe I use the bounce area as a scalp?
In my opinion, we are still moving up, so i’m still looking to buy the dips, though when price is close to a previous high area, i would look to short for the retrace for a few hundred pips.
good trading, once you find your way with this pair, you’ll do very well for yourself