Short opportunity on GBPJPY

4 May 2020

A Head and Shoulders pattern on the H4 timeframe. Price has shifted from a bullish momentum to a bearish momentum and I will be looking to ride the move down should there be a retest to resistance area. This trade warrants more than a 1:7 risk to reward ratio and I see price hitting below 129 some time next week.

4 May 2020

Not

A sole red candle on the impulse move to the upside. This shows that market will respect the structure and price will react strongly to area mentioned. I will be looking to close all my positions when price goes below 129.