GBPJPY 4 Hr Analysis: Mid-Week UpdateHey guys :)
So, after seeing some bullish movement this week, we are now waiting for price to retrace a bit deeper to that fib below and then show us what it wants to do from there.
As per my analysis, I would like to see price retrace anywhere between 159.500 and 158.500 within the fib drawn above. It may not even retrace much further at all and just continue bullish from there. But I would like to see it pull back further into the fib if I am going to consider taking a trade.
There are obviously many pathway options that price may take but these are just the main 2 that I would personally like to see at the moment. If price does not give me either of these I will Of course readjust and plan accordingly. :)
Option 1:
If price pushes higher into the fib and removes liquidity from the previous highs, then it is likely that price is just enticing and accumulating buyers before it drops and continues bearish. I would like to price push higher to about 162.500 or 163.500 before reversing as that will also satisfy and fill the imbalance to our left - But Of course it doesn't have to.
Buyers will see it break the previous highs and think that price has broken Market Structure and is continuing bullish causing them to place buys left, right and center.
Little do they know; price is only retracing further into the Higher Timeframe Bearish Fib, removing liquidity, and in fact, NOT breaking Market Structure. Basically, just performing the good old 'strike and reverse'.
Option 2:
Price will just retrace around the same area (162.500 or 163.500) instead of reversing and continue bullish for the time being.
Again, these are not verbatim. As price changes and moves as it wants, I will react accordingly and make the corrections needed for my analysis and projections. :)
Remember, it is not about being right or wrong. I know I always say this - but there is absolutely nothing wrong with being inaccurate in your analysis.
The problem lies with those who can't ACCEPT being wrong and they try to hold on to their analysis regardless knowing that price is going against them.
People think it's embarrassing to be 'wrong'. What's embarrassing is watching your stop loss being hit all in the name of your family, friends and Neighbours thinking you are right.
Ego will get you absolutely nowhere in these markets and you WILL be humbled and fast!
I can guarantee that there is nobody out there who is 100% right 100% of the time - And if there is, it's from YEARS of wins, losses, trials and error.
Adaptation is the key to survival if you want success in this job.
