GBPJPY analysis - bye, bye... bulls

chart h4 - 1.30 am Malaysia

Price is already below the h4 major lower trendline. The double top (or is it a triple top???) formation should be completed as the price is now attempting to penetrate the trough at 135.50.

A dive of 600 pips is possible. Let us see how low the beast can go.
6.00 am - woke up and found out the beast has turned to a snail
-10 now; decided to tighten up my stop loss
to 135.95 (45 pips risk)
6.30 am - SL hit; lost 45 pip
will wait for another sell set up
1.00 pm - hourly candle has closed below the crucial level of 135.50
will sell on rallies from now onwards
4.00 pm - price retraces up to 135.50
let see what London has for us in store
5.45 pm - the beast is in sideway mode
I am out of trade unless 134.30 is broken...


  • Good job!
    I want to know why the beast go south since it has up break the triangle about two weeks ago you mentioned.
    Should it go down 600 pips,I think those long term traders who buy at the breakout of the triangel and set the target at 150.00+ would be stopped out at 132.50.What a pity!That is unreasonable! How to explain it?

  • hi,

    I try to answer you here at my new post

    And I might be wrong...

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