GBPjpy Trade idea
Trade Idea. looking at GBP/JPY breaking out of overall trend and headed upward. see already only daily 1234 wave already going to possibly making that 5th wave up from support were at now.
*red circles are daily over bought and over sold on stochastic rsi and regular stochastic.
~looking at 4h also the same as daily being over sold. (wait for cross over and enter just before entering over the line *20*.)
~now looking for candle formation (reversal pattern)
~also cross trend line
~break/ retest
~ get in on the buy with set risk management.
possible sell also at this support level coming for next week gbp news may 1 and may 2.
~can keep falling and following the down trend
~breaking 3/4 75% of bearish pennant flag ( continuation to the down side)
~old support could possibly become new resistance
~next high after breaking support, would look at the trend line for my entry with set stop loss to the last high.
*always proper risk management!
overall thought/ feeling:
i am seeing the trend recently and have been following daily stochastic,
looks from recent high to low there is a fib hitting off 61% as still seeing trend to the down side,
will see how support level holds up in the next day into next week.
*red circles are daily over bought and over sold on stochastic rsi and regular stochastic.
~looking at 4h also the same as daily being over sold. (wait for cross over and enter just before entering over the line *20*.)
~now looking for candle formation (reversal pattern)
~also cross trend line
~break/ retest
~ get in on the buy with set risk management.
possible sell also at this support level coming for next week gbp news may 1 and may 2.
~can keep falling and following the down trend
~breaking 3/4 75% of bearish pennant flag ( continuation to the down side)
~old support could possibly become new resistance
~next high after breaking support, would look at the trend line for my entry with set stop loss to the last high.
*always proper risk management!
overall thought/ feeling:
i am seeing the trend recently and have been following daily stochastic,
looks from recent high to low there is a fib hitting off 61% as still seeing trend to the down side,
will see how support level holds up in the next day into next week.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.