GBPJPY H1 TIMEFRAME ANALYSIS (SELL)

10 thg 1, 2021

The market has already formed double tops and it is also showing all signs that it will make a triple top setup as it approaches a strong resistance level. This also accounts for a market distribution phase. If this setup abides then we expect to enter a sell position with a risk to reward ratio of 4R. The entry point and exit points TP1 and TP2 will be as shown by the two green lines on the chart. The SL exit will be as shown by the red line at the top of the triple tops.