GBPJPY Bearish Reversal Pattern…
LONDON SESSION………….. 15/04/2020
Since Friday last week, GJ has been ranging between the Major Resistance at 135.400 and 134.500 Support zone.
Yesterday’s candle closed bullish but not above the resistance. Hence, we do nothing till we have a break on either side.
4 Hour Chart
At London open as we do our top down analysis, we note the Double Top Chart Pattern AT RESISTANCE!!
Let’zoom it in further in the H1 chart…
1 Hour Chart
Here are Key Points we noted:-
- Multiple rejections at our Major Daily Resistance zone.
- With the London Open Volatility, Support at 134.500 has been broken.
- Looking left, we have a Clean Range to fill with no traffic.
In order for this range to fill we expect to see a retest at the broken support and a bearish rejection close as well for a good entry confirmation. When support is broken , it turns to resistance. So, A retest and a bearish close allows us to have a good risk above resistance where we place our stops.
M 30 Chart
Just as anticipated…
We have our retest and our bearish candle close at the new resistance formed at 134.500. Always Plan your Trade and the trade your plan.
This is what i wanted to see…so simply i waited for it to come to me!
Entries & Exits
View on the 4 Hour chart…
Note:
- Double Top.
- Break of 134.500 Support Zone.
- Possible Wick Fill with momentum
- Clean candle to the Left
View on H1
- First Take Profit Target….
— H4 Wick Fill
- Second Take Profit Target…
— 134.050…(Complete Range Fill)
M 30 View
- Close Half My Positions..
- The rest running at break even with my stops in profit.
Capital preservation!
Target — 134.050.
