GBP/JPY : Resistance at 50% fib level + H&S pattern

Hey guys,

We have a currently a nice resistance at 50% fib retracement from the top (assuming it's the head of the pattern).

Stop placed slightly above 61.8% fib level.

We also have a nice bearish divergence in terms of RSI in M15 timeframe (see below).

I am shorting, my target is 150.700.

Best,

Jesse

İşlem aktif:

Entered short at 152.232

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H4 VIEW

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Price is going up but volume not

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I am adding more to my shorts

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I could be wrong but since volume is not supporting this move, it could be a bull trap

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The answer in a couple of minutes. Could have just been a market manipulation

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Confirmed! They didn't get us on this one!

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now relax and get a beer

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The "bitchy candle"

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ready for a ride ?!

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OK guys, this has nothing to do with my idea, but i'm just curious... How can a user post a single idea, have a reputation of 20'000+ and more than 14'000 followers ? I don't get it...If someone understands lol

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Boring PA. Off the screens til tomorrow it’s already night here. Have a good end of day/evening/night guys !

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Hi guys,

trade still ongoing. Waiting for some action this morning.

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Nothing really special happened overnight. The pair looks stretched now

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4 rejections of 61.8%

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I am off a couple of hours.

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Ascending volume while price is going down = bearish

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Bearish trend in place, selling any PB

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The pair broke an EMA support as you can see below.

Volume confirms the move which is also good.

I will not keep the trade during the JPY interest rate decision which is overnight for me. So it better go down fast! :-)

Final target has not changed.

Tomorrow no trading for me, as every friday.

Best,

Jesse

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The pair could go down even more and test the Daily fibo at around 150.450 but, come on, it's already a very decent profit huh? :)

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Currently trading at 50% from top, let's see if it goes back down from here or from 61.8%.

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Decreasing volume

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ok guys back from my meeting.

GBPJPY has retraced all the way up to the top of the formation but still I don't see any volume accompanying this move, so for ME it's still an opportunity to short it.

Will give some updates later on

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Hi guys,

Very challenging pair today, with lots of false signals !

I am still in the trade since it's flirting with the 60.8% fib level

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look at that! So much indecision out there

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These candlestick could suggest we have an exhaustion, looks again that the pair is stretched in this area

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CHOOSE A DIRECTION GBPJPY! I think this time is the good one

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UPDATED CHART GUYS

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I just don't like keeping overnight positions when we have "red news", in our case we have Tokyo CPI EX FRESH FOOD + UNEMPLOYMENT RATE + LARGE RETAIL TRADERS so It should definitely go down by then.

You guys are holding it?

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I like this engulfing bar (but it must close like that in about 20 minutes) + this RSI divergence

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Time to get some fresh air and enjoy the sun! Update in a few hours guys, take care

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Currently trading on the trendline

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This is the final target, to complete the target.

As you can see it's a confluence zone with the H&S as well as a strong fibonacci daily.

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Will book my profits before the red news, hopefully at my first target (as shown above) at 151.720.

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ZzzZZZ correcting before going down again ZZZzzZ

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Sorry guys for some reason my screenshot cannot be copied. But it's correcting...

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Currently trading at fib zone.

Should go and test the next one lower

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Approaching final target

İşlem kapandı: hedefe ulaştı:

Final target of 150.7 reached !

Good weekend guys