GBP/JPY Potential Reversal:Smart Money Concepts and Elliott Wave
GBPJPY Potential Reversal: Smart Money Concepts and Elliott Wave AnalysisAnalysis:
The chart displays the GBP/JPY currency pair on a 4-hour timeframe, with various technical indicators and annotations. The price is currently at 190.118, showing a slight increase of 0.248 (+0.13%). The chart includes several key elements:
Price Action and Trend Lines:
The price has been moving within a descending channel, indicated by the parallel blue dashed lines.
There is a significant support level around 188.088 and resistance around 194.197.
Smart Money Concepts (SMC):
Multiple Break of Structure (BOS) points are marked, indicating shifts in market structure.
Change of Character (ChoCh) points are also noted, suggesting potential reversals.
A significant BOS is observed around the 190.118 level, indicating a potential bullish reversal.
Elliott Wave Analysis:
The chart shows potential wave counts, suggesting the completion of a corrective wave and the beginning of a new impulsive wave.
Fibonacci retracement levels are drawn, with key levels at 0.382 (190.92), 0.618 (192.29), and 0.786 (193.30).
Volume Profile:
The volume profile on the right side of the chart shows high trading activity around the 194.197 level, indicating strong resistance.
Buy Strategy:
Entry: 190.50 (above the current price to confirm the breakout)
Take Profit 1 (TP1): 192.29 (0.618 Fibonacci level) - 179 pips
Take Profit 2 (TP2): 194.197 (resistance level) - 370 pips
Stop Loss (SL): 189.00 (below the recent low) - 150 pips
Sell Strategy:
Entry: 189.00 (below the current support level)
Take Profit 1 (TP1): 188.088 (support level) - 91 pips
Take Profit 2 (TP2): 183.721 (lower support level) - 528 pips
Stop Loss (SL): 190.50 (above the recent high) - 150 pips
VIP Signal:
Buy: 190.50
TP1: 192.29 (179 pips)
TP2: 194.197 (370 pips)
SL: 189.00 (150 pips)
Sell: 189.00
TP1: 188.088 (91 pips)
TP2: 183.721 (528 pips)
SL: 190.50 (150 pips)
This analysis leverages various trading strategies, including Price Action, Smart Money Concepts (SMC), and ICT Elliott Wave, to formulate detailed buy and sell strategies. The identified key levels offer optimal entry and exit points, ensuring a balanced risk-reward ratio for traders.
Alex Gold Hunter
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bit.ly/3ODlUI4
Alex Gold Hunter
Free Signals & analysis
Join for Free
tinyurl.com/ClassicFreeSignals
bit.ly/4fQGd0G
bit.ly/3ODlUI4
Free Signals & analysis
Join for Free
tinyurl.com/ClassicFreeSignals
bit.ly/4fQGd0G
bit.ly/3ODlUI4
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