GBPJPY - 21/07/2020 - Long Idea
Hi! Welcome to my page! If you're new here, my analysis is primarily based on 'Smart Money' concepts. I search for where the liquidity is, where imbalances/gaps in price are and institutional candle sticks.
So the setup for GJ yesterday did not play out but that's ok. We can see now that price wanted to push up higher to take out liquidity above the previous consecutive lower highs. Price has now shown resistance around 136.3 which can be seen as a strong structure in the market. If you want to look for a short from this position make sure you trade safely. Personally I'm looking for a Long from around 134.7 with SL below the low and targeting previous highs.
If you intend to take this idea, remember correct risk management. 1-3% risk per trade. Let me know if you do choose to take this idea forward and feel free to comment below.
Harry
So the setup for GJ yesterday did not play out but that's ok. We can see now that price wanted to push up higher to take out liquidity above the previous consecutive lower highs. Price has now shown resistance around 136.3 which can be seen as a strong structure in the market. If you want to look for a short from this position make sure you trade safely. Personally I'm looking for a Long from around 134.7 with SL below the low and targeting previous highs.
If you intend to take this idea, remember correct risk management. 1-3% risk per trade. Let me know if you do choose to take this idea forward and feel free to comment below.
Harry
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