GBPJPY is in a clear bearish trend, and price is just about to retest the neckline of broken head & shoulder pattern which aligned with 61.8 Fib, daily resistance zone, and mean value. Our goal is to find a short entry, with that in mind, we wait for a clear break of Counter Trend Line (CTL) for entry.
There is currently two CTL on the chart, the break of the short-term CTL that's close to price will be used for an aggressive entry while the CTL that's extended from current price action can be used for a conservative entry.
NOTE: A strong bullish close above the resistance zone and desecing trendline will invalidate this setup.
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There is currently two CTL on the chart, the break of the short-term CTL that's close to price will be used for an aggressive entry while the CTL that's extended from current price action can be used for a conservative entry.
NOTE: A strong bullish close above the resistance zone and desecing trendline will invalidate this setup.
If you like this kind of content/trade idea, kindly leave comment and follow me.
Strong daily bullish candle closed above our sell zone.
We will be watching fro short-term buy setup after the retest of the broken zone as support.