Our 30 second test failed has seen here.
On the last post we said we'd wait to see the 1 minute MACD consolidate and at approximately noon on the same day it has.
The gpbjpy chart above shows the early stage of this set up. The 30 second chart failure saw the sterling buyers move the quote of the gbpjpy to 134.50 and on the 5 second chart shown above we watched a trendy retrace to 133. 60.
This retrace gave us a touch of the 200 SMA on the minute chart and a consolidation on our MACD.
What do we do with it ?
It noon and the gbpjpy is likely to hover at this level for many hours or even until the overnight markets start trading heavy.
We watch the five second chart for a chance to enter a trade short the pound around 134 or so and set another stoploss order about the last high.
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