GBP/JPY 1H - With this market we have seen price break structure to the upside after price traded down and into the area of interest we have marked out below, this tells us enough Demand has been introduced.
Enough Demand has been introduced to flip the S&D balance in doing so it gives price a new direction to trade in. Since we have seen price do this we have seen that price has continued to respect areas of Demand, giving us further confluence to suggest bullishness.
I have gone ahead and marked out an area of interest I would have liked price to trade down and into, giving us the opportunity to get involved in this market with a refined entry. It seems as though there is enough Demand in the market already though.
Should price correct itself deeper, we may see a penetration of this zone and this is where I would be looking to get involved in this market with long positions. As you can see though price looks to be setting a new move to the upside, I will be waiting for further confluence before I get involved at all.
Enough Demand has been introduced to flip the S&D balance in doing so it gives price a new direction to trade in. Since we have seen price do this we have seen that price has continued to respect areas of Demand, giving us further confluence to suggest bullishness.
I have gone ahead and marked out an area of interest I would have liked price to trade down and into, giving us the opportunity to get involved in this market with a refined entry. It seems as though there is enough Demand in the market already though.
Should price correct itself deeper, we may see a penetration of this zone and this is where I would be looking to get involved in this market with long positions. As you can see though price looks to be setting a new move to the upside, I will be waiting for further confluence before I get involved at all.
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.
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.