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GBPJPY offers a good risk/reward short trade this week

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GBPJPY offers a good short trade this week

 

Monthly: In a large descending triangle formation that offers a downward bias. Since posting a Hammer base in October 2016 trading has been mixed and volatile, common in corrective sequences. Ichimoku Cloud offers resistance at 156.36

ig gbpjpy m.png

 

Weekly: Mixed trading for the last 58 weeks has formed a bearish Ending Wedge. On a break of 143.80 the measured move target is 135.60, April 2017 low trade.  

ig gbpjpy w.png

 

Daily: Bearish divergence can be seen on the daily chart (price makes a higher high while the oscillator makes a lower high), often seen before a change of trend. DeMark has posted a 12 count on the daily chart, 13 highlights exhaustion. There is scope for mild buying but, with bespoke resistance seen at 155.36, gains should be limited.

ig gbpjpy d.png

In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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Hi TrendFollower

 

Thank you for the feedback.

 

At this present time we do not offer specified entry, stop and targets for the medium term trade ideas through IG. We have recently started to post ‘views’ so that clients/traders can get a feel for what we produce away from the intraday trade ideas that are published on IG Signal Centre.

 

To offer some background to the PIA-First service, we are all MSTA qualified (Society of Technical Analysts). We then overlay a Grey Box system that highlights unique support and resistance levels. We then use our knowledge to offer solid risk/reward set ups.

 

With regards to education, we are strong believers that this is essential and, I for one continue to study after 20+ years in the markets. I have also taught technical analysis and hosted numerous webinars/seminars. We are in talks with the IG group to extend our offering and we hope this will include educational interactive webinars for all that are interested.

 

Thanks again

 

Ian

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Thank you

 

Our bespoke support is at 151.95 so a good area to get out.

 

With regards to crypto, it is not something that we currently offer. This may change when we next sit down with IG.

 

If, and it’s a big IF, we did look to analysing the crypto markets, it would only be on a medium-term basis

 

Thanks for you input

 

Ian

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