Trend Continuation - GPYJPY in a descending triangle!
Good afternoon Traders,
This is a very simple trend continuation trade.
We see a previous impulse the shows very strong bearish momentum. Price is now consolidating in a descending triangle, which is a hint, that price might continue lower.
A stop sell order below the trendline support is a possible entry.
Also, I've drawn the fib. extension lines and the 0.618 level confluences well with the low on the daily chart if you scroll back.
Happy trading!
Kaetea Ng
This is a very simple trend continuation trade.
We see a previous impulse the shows very strong bearish momentum. Price is now consolidating in a descending triangle, which is a hint, that price might continue lower.
A stop sell order below the trendline support is a possible entry.
Also, I've drawn the fib. extension lines and the 0.618 level confluences well with the low on the daily chart if you scroll back.
Happy trading!
Kaetea Ng