Demark Setup Sell Perfection on GBPJPY
On 7/11 GBPJPY generated a Demark setup sell perfection. A Sell Stop order was placed at 146.805 and was filled a week later on 7/19 with an initial stop at 149.4610.
This week we swung back to our entry price and a bit higher before turning lower on Thursday and Friday.
With the swing high this week and putting in new lows, we dropped our stop from -260 pips down to -38 pips just above the swing high of 147.148 taking us into the weekend with a bit over +200 pips in the money and stopping near perfectly on that little trend line from the previous two swing lows perhaps setting up a triple bottom(?).
Given the location of the close (trendline support) and the daily + weekly bars there might be some geo-political fireworks over the weekend to cause effecting Yen or Cable and thus GBPJPY to open below that level dramatically and running stops or move back to the top of this range.
A bit of a head and sholder pattern is in there so we might actually get a further dump here if the H&S is actually in play.
To Be Continued....
This week we swung back to our entry price and a bit higher before turning lower on Thursday and Friday.
With the swing high this week and putting in new lows, we dropped our stop from -260 pips down to -38 pips just above the swing high of 147.148 taking us into the weekend with a bit over +200 pips in the money and stopping near perfectly on that little trend line from the previous two swing lows perhaps setting up a triple bottom(?).
Given the location of the close (trendline support) and the daily + weekly bars there might be some geo-political fireworks over the weekend to cause effecting Yen or Cable and thus GBPJPY to open below that level dramatically and running stops or move back to the top of this range.
A bit of a head and sholder pattern is in there so we might actually get a further dump here if the H&S is actually in play.
To Be Continued....
I write a newsletter about edges in financial markets…and life. Traders responsible for 9+ figures in daily transactions read it and you should too. Former USMC. pollinatetrading.com
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