Direct from the desk of Dane Williams.
While trading GBP/JPY has been good to us recently, the beast continues to offer more opportunity as it trades around our clearly defined daily zones.
One such opportunity that's worth talking about today is the clean gravestone doji that's formed on the daily chart. Take a look below.
GBP/JPY Daily:
Most significantly, it's not just a gravestone doji but it's a gravestone doji that's formed right on top of daily resistance. As we know, a doji alone doesn't signify anything other than indecision between the bulls and bears, but when formed on support/resistance, the odds are shifted.
In this case, as the doji has formed at resistance, it signifies that the bulls may be losing their power, right as price heads into an area where we expect sellers to continue to step in.
It's just that little bit extra needed to shift the odds in our favour that when consistently done, keeps us profitable over the long term.
Best of probabilities to you,
Dane.
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