GBPJPY - Short. (xr-shorterm)
This is a risker trade placed in some traffic when looking into the smaller TFs . Larger TFs show indecision or a slow in bull momentum.
On Lower-TFs we see a series of higher lows and lower highs. (Symmetrical Triangle Chart Pattern.)
However the rejection off the 618. golden zone could indicated this being a bearish triangle rather than a bullish one.
On Larger-TFs we see a long-legged Doji candle formed after testing some major resistance. The next candle showed signs of a spinning top. Demonstrating signs of indecision for the bullish trend.
I feel a temporary trend reversal is in order before testing 152.50 Weekly S/R or 155 Monthly S/R.
1.5% risk.
TP1 / 0 / 30%
TP2 / .25 / 40%
TP3 / -.618 / 30%
On Lower-TFs we see a series of higher lows and lower highs. (Symmetrical Triangle Chart Pattern.)
However the rejection off the 618. golden zone could indicated this being a bearish triangle rather than a bullish one.
On Larger-TFs we see a long-legged Doji candle formed after testing some major resistance. The next candle showed signs of a spinning top. Demonstrating signs of indecision for the bullish trend.
I feel a temporary trend reversal is in order before testing 152.50 Weekly S/R or 155 Monthly S/R.
1.5% risk.
TP1 / 0 / 30%
TP2 / .25 / 40%
TP3 / -.618 / 30%
TP1 - hit
TP2 - hit
TP3 - manually closed at 0.
so successful trade