Elite Swing Trader Signals GBPJPY – 20th May 2019
GBPJPY has been bearish on the H4 chart. The price has kept making going towards the South by having consolidation and making new breakouts. The price has been having a correction at the moment. Thus, another bearish H4 reversal candle and an H1 breakout at the lowest low would attract the sellers to go short on the pair again. Let us have a look at the H4 GBPJPY chart.
This is another trade idea generated by the Elite Swing Trader.
The H4 chart suggests that it has been the sellers’ paradise. The level of 139.505 has become the support level on its way and held the price for a number of H4 candles. The level of 140.625 may come into the game and act as the level of resistance here. The price reacted to this level heavily earlier. If the level is held and it ends up producing an H4 bearish engulfing candle, then an H1 breakout at the level of 139.505 would drive the price to go towards the level of 137.700. Let us have a look at the summary of the trade…
- Sell Stop Order: 139.535
- Stop Loss: 140.822
- Take Profit: 137.700
Any GBP pair is strongly correlated with the London Open. In our today’s pair which is GBPJPY might produce the signal at the London Open. The signals are often produced after the London Open too if things are to go otherwise. In a nutshell, if you are trading on GBP pairs on the intraday charts, you shall count or wait for the London Open. If you are not sure how to deal with it, do some back testing how your favourite GBP pair reacts to the London Open and take steps accordingly.
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