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Title : GBPJPY Technical Analysis 11 October 2019
link : GBPJPY Technical Analysis 11 October 2019
GBPJPY Technical Analysis 11 October 2019
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Forex Analysis- Technically, I see this GBPJPY pair has entered a price position which is still worthy of its entry point.
Let's look at the following GBPJPY 1 Hour Time Frame chart image before we analyze:
Let's analyze using Price Action analysis (Trader Pressure). In the market trend, GBPJPY is still in a Bullish / Uptrend condition, but we also have to anticipate the reversal of the trend if the price breaks the Support area above and also the price consolidation.
In candle history, we can look for Buy entry opportunities, but to be more objective, I will present an analysis for buy or sell entries.
If we look at the chart picture above, the Buyer's pressure (Green long candle) slowly raises the price without being able to be counteracted by the Seller pressure (Red long candle) and forms a Higher Low.
This indicates that Buyers still dominate the formation of certain price levels. However, Sell opportunities can still be found in this GBPJPY pair.
In the picture, I determine the Resistance Area through two lines above the price (134.68 - 134.53) for the Support area, we can see through two lines below the price (133.75 - 133.57).
Here are my entry setup options, you can use adjusting your trading style.
Setup entry for breakout opportunity,
if the price of the 1 hour close candle breaks the Upper Limit of the Resistance Area (134.68), then get ready to find the best Entry buy position.
If the hourly close candle price breaks the Lower Support Area Limit (133.57), then get ready to find the best Entry sell position.
Cut Loss if the price of 1 Hour Close Candle is below the lower Limit of the Resistance Area (<134.53) untuk entry buy, dan di atas Batas Atas Support Area (>133.75) for sell sell. And do a minimum risk ratio of 1: 1.
And Pullback Setup for SELL position:
Pullback area uses the support area, if the price of 1 Hour Close Candle is in the pullback area, can take Sell positions and do a Loss Loss if the price of 1 Hour Close Candle is above the upper limit of the Pullback area (> 134.68). Use a minimum risk ratio of 1: 1 according to the way you trade.
And Setup Pullback to BUY position:
Pullback area uses the resistance area, if the price of 1 Hour Close Candle is in the pullback area, you can take a Buy position and do a Loss Loss if the price of a 1 Hour Close Candle is below the lower limit of the Pullback area (<133.57). Use a minimum risk ratio of 1: 1 according to the way you trade.
Keep using good money management in every entry for the continuation of healthy trading, and stay alert for Fake Breakout Candle.
Hopefully this article can be your reference in analyzing the market.
Happy Trading all.
Note: Price differences can occur in the broker that I use, with the broker that the reader uses. Please research first. thanks
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