#GBPJPY 2618 TRADE SHORT AND LONG IDEAS (BAT PATTERN FORMATION)
A. Reasons For Short Trade:
1. Double top formed with bearish divergence
2. Price may go upto retest 61.8 retracement and 200sma to give short opportunity
Stop Placement:
- Area above the previous High
Targets:
- Target will be at completion of bat pattern where 200sma is located
Trade Execution :
- Only one position for short
Concerns:
- None
B. Reasons For Long Trade:
1. Bat pattern completion
2. 200sma close to the zone
Stop Placement:
- Below the immediate support there is another support area. So we will have to include that too.
Targets:
- First target will be 38.2% retracement of AD leg
- Second target will be at 61.8 retracement of AD leg
Trade Execution :
- Aggressive entries to be taken
Concerns:
- None
Planned News Expected: (UK Time)
| TueOct 13 | 9:30am | GBP | CPI y/y | ||||||
| WedOct 14 | 9:30am | GBP | Average Earnings Index 3m/y | ||||||
| GBP | Claimant Count Change |
Post Execution Review:
Pending
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