We ended the month of August with an interesting trading idea on the GBPJPY. On one hand I was predicting a longer-term bullish move after reaching previous structure lows. However, on the other hand, we had an advanced pattern formation that was calling for a short-term short. This left a few of the traders that I work with confused and made for a great session explaining how both can be right.
Now that the bearish Bat Formation has completed & given us profits, we can now shift to the longer-term idea which is the potential neckline break of the bullish reversal pattern that has formed. If we can indeed get past this level of resistance it would offer a bullish trend trading opportunity with the first 2 target levels coming in at $1.44’s & a little above $1.45’s
If you’re a longer-term trader, it may also be worth keeping an eye on the ascending triangle that has been forming on the daily/weekly over the past year, as a breakout above those highs would offer even more potential profit.
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