[TRADE SETUP] (RR=2.4) GBPJPY Breaking to Downside

23 Mar 2016

Looks like GBPJPY is starting to make a break to the downside after retesting a prior support line. The H&S formation has been completed and looking for a move to the downside to test the lower support at 154.69 and if it breaks that, then expecting further downside movement toward the target area on the D1 chart from the flagpole pattern.

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23 Mar 2016

İşlem aktif

Looks like GBPJPY is starting it's push down, if trading just the H&S pattern, TP zone would be 154.69, but if looking at the bigger picture on the D1 chart, I'm looking for price to continue to drop toward the 144.3 area over a period of 3-4 weeks. If PA goes above the previous shoulder, the trade will be invalidated.