GBPJPY (Update)_3rd Week of Feb 2022
What information can we derived on GBPJPY daily chart?
1. We can clearly see a triple top formed with bearish candle closed rejecting the structural level last Friday
2. We need to see a clear price break the trendline and structural level to confirm bearish movement
3. We spotted 2 leg divergence on RSI which may hint us with heavy sell off
Overall bias = Bearish
Using simple entry technique
Step 1:
Waiting for the price to break below the correction trendline
Step 2:
Waiting for the price to break below the structural level (best if price retest to the broken level)
Step 3:
Entry point after 2 items above has fully satisfied with SL above the highest candle. Use any indicator that suits you
1. We can clearly see a triple top formed with bearish candle closed rejecting the structural level last Friday
2. We need to see a clear price break the trendline and structural level to confirm bearish movement
3. We spotted 2 leg divergence on RSI which may hint us with heavy sell off
Overall bias = Bearish
Using simple entry technique
Step 1:
Waiting for the price to break below the correction trendline
Step 2:
Waiting for the price to break below the structural level (best if price retest to the broken level)
Step 3:
Entry point after 2 items above has fully satisfied with SL above the highest candle. Use any indicator that suits you
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