NicoloBalonzo

GBPJPY, Short 1-Hr Chart

Corto
FX:GBPJPY   Libra esterlina/Yen japonés
The Japanese Candlestick shows the psychology of the market in different timeframes. On 1-HR chart, we can see that the pair follows the psychology behind each candlestick, the yellow circles are the bear engulfing pattern that was shown perfectly on the resistance level. Likewise, the Bull Engulfing Pattern (the green circles) were at the support level. In order for the Japanese candlestick to be valid, it should have a confirmation candle after the pattern and it was significantly shown on the chart. At the moment, the pair is at the resistance zone and EVENING STAR pattern is already formed, wait for the next candle on the 1-HR chart, if the confirmation candle closes below the previous candle, a solid confirmation for SHORT. Close the position on support level and watch out for breakout. Thanks
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