GBPJPY - CONSOLIDATION/PULLBACKS BEFORE BUYING RESUMES?

Updated

Hey traders, this is a standard set up after price shoots up exponentially the previous day. Price is boxed in between 188.29(high) and 187.75(low). The "golden zone discount level" is at 187.30/187.0.7. Only "confirmation" buys at this level. A break and retest of the lower boxed area look for sells to the GZ. If it bounces at this level it will test the highs again and price action will determine whether there is a break out or a fake out. Trade accordingly from zone to zone. Happy trading.
DIONNG

Comment

Hey Traders, quick update. Price came down to 55% FIB("discount") level and bounce 13:30(NY 8:30) for 80 pips. The break out was good for 30-35 pips before the choppy period.
DIONNG

DIONNG

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.