DislikedLooking for a long setup GBPJPY, timeframe: H4.
On the daily TF, GBPJPY, still looks bullish. what do you think?Ignored
As you can see on weekly, there is a hanging man at the end of an uptrend, and the price is going down from there. E.g. sign of consolidation and potential major correction on weekly graph. I would rather avoid trading with bulls with such setup.
On a daily graph you can see unfinished and imperfect falling three methods (ok, they are just two, but anyway), a high reliability continuation pattern. So it's down on daily two, at least if this pattern will hold, as it is not finished yet.
And finally, if you look at your graph, you will see big head and shoulders, also signaling down.
So the entry is valid, speaking technically, but against the trend, e.g. it's low propability trade.
I would skip it and do the same in opposite direction.
EDIT: another way to look at that daily pattern is bearish engulfing (in making), e.g. down.