3.GBP/JPY Shows Bearish Move(Plan Dipper Entry)
1. The red zone represents a **supply zone**, where sellers are expected to dominate, leading to a potential price drop.
2. This zone is formed based on previous price action, where strong selling pressure was observed.
3. The current **bearish engulfing pattern** suggests a potential reversal from the supply zone.
4. A bearish engulfing occurs when a larger red candle completely engulfs the previous green candle, signaling selling dominance.
5. The rejection from the supply zone indicates that buyers failed to push higher, leading to a strong bearish move.
6. The trade setup suggests a **short position**, with stop-loss above the supply zone and take-profit at lower support levels.
7. Confirmation of this setup includes volume increase and previous resistance acting as a barrier.
8. If price respects the supply zone, further downside movement is likely.
9. However, a breakout above the supply zone could invalidate the bearish outlook.
10. It's crucial to manage risk properly by adjusting stop-loss levels based on price action.
2. This zone is formed based on previous price action, where strong selling pressure was observed.
3. The current **bearish engulfing pattern** suggests a potential reversal from the supply zone.
4. A bearish engulfing occurs when a larger red candle completely engulfs the previous green candle, signaling selling dominance.
5. The rejection from the supply zone indicates that buyers failed to push higher, leading to a strong bearish move.
6. The trade setup suggests a **short position**, with stop-loss above the supply zone and take-profit at lower support levels.
7. Confirmation of this setup includes volume increase and previous resistance acting as a barrier.
8. If price respects the supply zone, further downside movement is likely.
9. However, a breakout above the supply zone could invalidate the bearish outlook.
10. It's crucial to manage risk properly by adjusting stop-loss levels based on price action.
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