Short - Trend Continuation Trade opportunity on GBPJPY H4
Justified by the falling trendline (brown) I would expect the price to touch the blue entry level @148.30 and find resistance. The downward movement is targeted slightly above the level of the last swing low.
As SL I would make use the former structure support around @148.75 which also has a nice confluence with the .618 retracement of last impulse leg. Entry Level in relation to SL and T1 give an excellent RRR.
BUT:
Since the last but five showed a massive upward momentum I will watch patiently for a confirmation, not only by an overbought RSI, but also by priceaction. The current candle is very bullish, too.
Patience ...
Happy pips
Nemo
As SL I would make use the former structure support around @148.75 which also has a nice confluence with the .618 retracement of last impulse leg. Entry Level in relation to SL and T1 give an excellent RRR.
BUT:
Since the last but five showed a massive upward momentum I will watch patiently for a confirmation, not only by an overbought RSI, but also by priceaction. The current candle is very bullish, too.
Patience ...
Happy pips
Nemo