Extreme trader sentiment points to possible GBPJPY downtrend SEL

9. Juni 2020

137.324 - 137.974 Add to Watch List
Signal ID: 72118
Time Issued: Tuesday, 09 June 2020 02:00:17 GMT
Status: open
Entry: 137.324 - 137.974
Limit: N/A
Stop Loss: 138.949

The Trend Follower Strategy has just sold GBPJPY at 137.649. The system recommends entering this trade at any price between 137.324 and 137.974. The signal was issued because our Speculative Sentiment Index is extremely negative, with a value of 1.576. This suggests that the GBPJPY could be trending downwards.The 14-period Average True Range on a daily chart is 1.3, so the stop loss has been set at 138.949. This stop loss order is a trailing stop that will move down as the market moves down. There is no profit target for this strategy. We expect to be closed by the stop loss.Trend Follower is a trend trading strategy that aims to buy and hold rising currency pairs and to sell short and hold falling currency pairs. The strategy looks to buy when the Speculative Sentiment Index is below -1.5, and looks to short when it is above +1.5.