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GBPJPY - Reading the chart and going Short on Friday afternoon, this is why!!!

The Story:

  1. Hit Resistance from Daily which alsa happens to be close 61.8Fib form Weekly (that is a perfect place for at least a good retracement)

  2. PVR shows sellers at the top

  3. Highest volume down wave formed since 19/7

  4. PVR shows an increase in volume a price starts going up again.

After all the above I just went short, I would prefer of course some very high SIs at the top but it is still forming. Let's see if my reading will be correct, probably next week.

This is called planning your trade and not trade and then plan.

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