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3rdtouch

GBP/JPY - Pending Buy PositionMonthly: Impulse with correction and consolidation finding support from weekly level. Weekly: Fake weekly trendline breakout and now break of weekly level. Daily: Breakout of Daily trendline. Great impulse! 4h: The price now going down for correction and the on the 3rd touch we will see where price will go! Risky Entry will be pending buy order at weekly level but with very small stop loss and good risk reward 1:3 It will be good to wait for Candle confirmation because after this big impulse the price can make a bigger correction. I'm not financial adviser and this is not financial advise! Trader smart!
Long
by Trader_Petrov
Waiting for CADJPY 3rd bounce...I am currently watching CADJPY and am waiting patiently for price to come down for its 3rd bounce on the ascending trend line before looking for longs with massive amount of room to the upside. I have 3 areas which I will be looking for that confirmation: First @~81.70 where price meets a weekly key level, the daily 50 EMA and 50% fib retracement. But after the weekly bearish engulfing I believe we could get a lower entry. Next @~81.25 (my preferred entry) where the 61.8% fib retracement is, also the EQ of my daily order block, where I will be looking to snipe my entry. Lastly @~80.65 which is a huge weekly resistance that lines up perfectly with 78.6% fib. This would provide us with the best R:R and highest pip count. My first target is the 1.27 fib extension and the next would be the 1.618 ext./ weekly descending TL ( where ill be looking for shorts)
Long
by andrewlickley
1