Extreme trader sentiment points to possible GBPJPY downtrend SEL

19 Des 2019

143.002 - 143.724 Add to Watch List
Signal ID: 70015
Time Issued: Thursday, 19 December 2019 02:00:15 GMT
Status: open
Entry: 143.002 - 143.724
Limit: N/A
Stop Loss: 144.809

The Trend Follower Strategy has just sold GBPJPY at 143.363. The system recommends entering this trade at any price between 143.002 and 143.724. The signal was issued because our Speculative Sentiment Index is extremely negative, with a value of 1.523. This suggests that the GBPJPY could be trending downwards.The 14-period Average True Range on a daily chart is 1.446, so the stop loss has been set at 144.809. This stop loss order is a trailing stop that will move down as the market moves down. There is no profit target for this strategy. We expect to be closed by the stop loss.Trend Follower is a trend trading strategy that aims to buy and hold rising currency pairs and to sell short and hold falling currency pairs. The strategy looks to buy when the Speculative Sentiment Index is below -1.5, and looks to short when it is above +1.5.