The market has stabilized, the first signs of a downtrend appeared

July 9, 2019 4:55:04 PM by Alexander Zorevyk
Forecast Details
PairGBPJPY
Direction Sell
StatusClosed (135.35)
16:53
16:53
Jul. 9, 2019

-50 p
135.85
Stop Loss
135.35
Entry
+44 p
134.90
Target 1
Chart & Analyst Comments
The market has stabilized, the first signs of a downtrend appeared

For this forecast, we recommend to set Sell Limit at the following price - 135.35. This idea is based on the following analysis:

  1. The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
  2. We are seeing an increase in Buy positions by market crowd, who are replenishing an already large number of "locked up" losing Buy positions.
  3. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous bottom. This is a good level for placing take profit according to our forecast.