As the pair was bullish, we shorted earlier at a price which took us out on stops. Now, we are at a resistance level where the market has formed a double top. That being said, we need to wait for the price action to print the bearish pattern so we can hop on to the short setup. It should be kept in mind that the market is still bullish and the trend is bullish as well.

The ascending trendline is on the verge of breakout out for sells. Once its broken out, we will have a confirmation for the short sells. The validation needs to be confirmed. 

There is no retracement level on the pair right now. 

EMA 50 is still bullish and we might take the profit on the retest of the EMA 50. 

RSI 14 is at 64. It needs to elevate to the over bought region or extended buys, where we can align with the charts and take a short position.

Double top on GBPJPY?

May 18 2023

Stop Loss -0.50%

Holding time 7d20hr

172.032

Entry price

172.895

Stop loss price