GBPJPY: Price Action Short, When Will The Bulls Give In?

18 במאי 2015

I don't place trades off of the daily timeframes but I do watch them on a consistent basis as part of my top-down analysis and GBPJPY has been one that has been in some what of a fight as of late.

After easily rallying up into structure it's come to a halt and it looks as if the bulls may be running out of steam. Just look at the wicks, they're trying to push higher but have been rejected each of the last 5 times. Now this doesn't mean that it will happen, but it does mean that this is a decision point in the market.

If we do see some relief I would predict a move back into previous structure support which exist down at the 185 even level.

An entry on the LTF would give me a much better risk reward on this setup, so we'll see if the market will give me anything to work with this week. As of right now it looks as if my best chance is to wait for a LLLC and retest of structure to get involved.

For those of you in the Syndicate, that just watched Jason's video on the F.E. trade, this would be a perfect chance to paper trade (WITH DEMO MONEY!!!) that technique as a breakout an run wouldn't shock me.

Akil