2016-03-22_18-28-12gbpjpy

Hello all,

Today price came down nicely on the gbpjpy. I like that todays candle showed a lower wick.

Price is right now at support:

Support level: 157.900 – 159.700

If tommorows candle keeps support intact and if we manage to see some bulls entering the market with a green closing candle then this might be a beginning of a bullish trend.

Stochastic seems to be wanting to turn up and if a bullish reversal candlestick pattern is provided by price then this pattern might be treated as a 123 pattern.

We just watch price and let it confirm our trading idea.

If the support level breaks at number 3 while we wait for the close of the candle then this trade idea loses its validity.

BEST OF PIPS

 

One thought on “Setting up a trap for the GBPJPY”

  1. kenny chung says:

    hi Nuno , i read a lot of your set ups and charts- v good !

    i want to point out , on the 4hr chart , there is a head&shoulder formed and we are at the re-test of the neckline (after right shoulder) .

    1 request also , is there a way to make the charts ‘clickable’ so it opens up , its too small – esp when reading on tablet/phone.

    please keep up the good work O:)

    KC

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