Hi Traders! GBPJPY forecast follow up and update is here. On September 9th I shared this “GBPJPY Forecast” in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
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Now let’s summarize the idea first:
GBPJPY H4(4 Hours) Chart Current Scenario
Based on the above-mentioned analysis my view was bearish here and I was expecting pullbacks and then further continuation lower. The pullback that I was looking for happened and then the price moved lower exactly as per my plan and provided around 300 pips move so far.
The market provided us with various facts supporting this bearish view here on the H1 chart, the pullback that we were looking for happened and the price created a bearish hidden divergence between the first high that has formed at 141.430 and the second high that has formed at 138.351 followed by a continuing bearish divergence based on the histogram of the MACD indicator. We may consider these as facts proviided by the market supporting the bearish view.
GBPJPY H1(1 Hour) Chart
Currently, on the H1 chart, we have a bullish divergence that has formed, this is something that we need to pay attention to. So if you are still involved in the sells then this is a good place to consider managing your trade and secure your profits (cash out or partial cash out or trailing protections or partial hedge, etc.. depending on the strategy that you work with).
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As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted us and took the right action according to that.
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To your success,
Vladimir Ribakov
Certified Financial Technician
