wait for breakout of weekly resistance and retest and go long

gbpjpy is fast approching the weekly resistance. last time we shorted from here, that was quite a success. now as market approching this area again i am more biased toward bullish this time. i will wait for a breakout and retest befor going long. there is plenty of room for an upside room. even if market bounce from this area for some reason i will not be looking for shorts. i will look for an higher low to go long. the reason i will show you on weekly chart

Note

here look at the weekly chart . you see we make an higher low near the trendline. after that look at the bullish candle. how big it is. what does this tell to us?
that the upward momentum is very strong . this tells me that this time bulls are going to break the resistance. we just have to watch that after they break , the market should hold after retest . that will signal a bull market

Note

even we are waiting fir long on the break of weekly resistance , but right know market is telling we can get a short on the break of the 4 hour channel and aim the daily trendline. even on 4 hour and daily stoch had a crossover. also there is divergence in stoch in 4 hour

davinderaulakh

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davinderaulakh