GBPJPY, 2023-03-08, Asian Session
GBPJPY fell off 61.8% retracement support yesterday. If this breakdown persists, we should see 161.00.
Given bearishness in the dailies, our main bias is to short. However, with more than a 1% swing yesterday from the high to the low, it's prudent to wait for a good bargain for entry.
Using fibs, 162.95 is the 50% of yesterday's bearish leg 163.15 is the 61.8%. That's bargain entry for shorts. Stop loss at 163.20 when the 61.8% is violated.
Another option, is to enter at 162.60 if you think that the bearishness is too strong to go back to 163.95. #OPINIONLEADER#
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.