GBPJPY pin bar opportunity

11 sept. 2016

Price is in long term downtrend. 12 hour time frame shows retrace to the 50% Fibonacci level from previous long term highs. Overall momentum is biased towards downtrend. I trade with the trend. A recent inside bar followed by a bearish pin bar has formed on the 12 hour time frame indicating that over the past 24 trading hours price stalled then sellers tool control. This can be an indication that sellers may continue the downtrend. Sell order entry could be placed half way of the pin bar and profit target at next are of resistance. Reward is 2:1

12 sept. 2016

Ordre annulé

Price did no reach order entry, order cancelled