Instrument: GBPJPY
Trade Type: Reversal
Timeframe: Monthly
Description:
In this trade setup, we are considering a short position on the GBPJPY currency pair as it approaches two notable monthly supply zones. This trade is based on the anticipation of a potential reversal or a corrective move in the market. These zones represent price levels where a significant amount of selling pressure is expected, potentially leading to a reversal or a retracement of a few hundred pips.
By identifying these supply zones on LOWER timeframes, we aim to take advantage of the potential selling pressure and profit from a decline in GBPJPY. Confirmation of bearish signals such as rejection candles, bearish chart patterns, or a divergence in momentum indicators could provide an entry opportunity for the short position.
Remember to regularly reassess the trade's progress and adjust your exit strategy if necessary!
Trade Type: Reversal
Timeframe: Monthly
Description:
In this trade setup, we are considering a short position on the GBPJPY currency pair as it approaches two notable monthly supply zones. This trade is based on the anticipation of a potential reversal or a corrective move in the market. These zones represent price levels where a significant amount of selling pressure is expected, potentially leading to a reversal or a retracement of a few hundred pips.
By identifying these supply zones on LOWER timeframes, we aim to take advantage of the potential selling pressure and profit from a decline in GBPJPY. Confirmation of bearish signals such as rejection candles, bearish chart patterns, or a divergence in momentum indicators could provide an entry opportunity for the short position.
Remember to regularly reassess the trade's progress and adjust your exit strategy if necessary!