I posted GBPJPY Short Trade setup yesterday, and so far it seems to be working.
(I myself have been shorting as well)
The basic idea was to short from Fib50% + Double Top on H4 chart.
The question is… how long can we keep shorting?
The answer may depend on your Bias.
Below is H4 chart. If you are Bull, the current chart seems to be the perfect setup to buy.
My Bias is
Short term short, Long term Long.
I feel like shorting once again, before thinking to long.
Well, simply looking at the daily chart (below) with Stochastic about to turn down, I cannot think of the price rising immediately.
I would rather see one more drop (on the Daily), before seeing the price up.
Thus I would like to propose Short trade plan, once again.
I just assume the price will break the current support, and drop down to WS1 (182.50 ish. Or simply Higher Low than WS2), and turn back up.
So here is the list of possible Sell Zones.
- Fib38.2% + RoleReversal Resistance
- In case the price breaks the immediate support, try to sell from the re-test.
Hope this analysis helps you build your own.
Please remember to ask yourself. Are you Bull or Bear? (If you are Bull, you must buy it from the current level!)
YJ Baik – Forex.Today @ Tokyo