Market Update: USDJPY & GBPUSD – Oct 17th, 2024
NOTE: This Market Newsletter is developed by using Daily Chart Time Frame, and a relevant price chart is attached to each market.
USDJPY: Buying On Breakout Of Current Inside Bar Pattern
Comments: Price formed an Inside Bar Pattern overnight.
Potential Trade Signal: We are looking to buy on breakout of the current Inside Bar Pattern.
Buy Stop: 149.84
Stop Loss: 148.80
Take Profit: 152.00
To Trade This Market With Our Preferred Broker, CLICK HERE
GBPUSD: Selling On Retracement Higher To Within The Range Of Bearish Multi-Bar Fakeout Setup
Comments: Price moved slightly lower from the Bearish Multi-Bar Fakeout Setup that had formed on Tuesday, Oct 15th (We did not consider trading this setup, nor did we mention it).
Price broke and closed below the 1.3000 old support level, which now acts as short-term resistance level.
Potential Trade Signal: We are looking to sell on a retracement higher to within the range of the recent Bearish Multi-Bar Fakeout Setup that had triggered on Wednesday, Oct 16th.
Sell Limit: 1.3018
Stop Loss: 1.3115
Take Profit: 1.2824
To Trade This Market With Our Preferred Broker, CLICK HERE
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Disclaimer: The risk of loss in trading financial market products, like Cryptocurrencies can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Any content posted here should not be considered financial or Trading advice, this newsletter is just for information purposes and is just the author’s opinion.
