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GBPJPY 1hr chart UPDATE 7/23/22We have GBPJPY on the 1hr chart we have a break of structure (BOS) around the level of 164.752 making it a great for us to have the supply area around the level of 165.100 since that's from the red candlestick broke the structure. Meaning we clearly see a zone that hasn't been retested. For the support I took in consideration the point where we see it gets rejected which would be around the level 163.00. We ended the week with an engulfing green candlestick that closed at the level of163.400. I personally like setting my SL right under that lowest wick giving it enough space just in case it wants to pick up more orders from the lower level. On this trade I will be looking for a 2.5 risk/reward, I will be looking for around 1400 pips which is all the way until the supply area and for my SL I have it at 500 pips just around the lowest wick. And just as another indicator we also have the MACD which is telling us the sellers are losing momentum confirming us that we have the buy opportunity.
Long
by Juliansd
2
USDCAD /CAD! why you are so weak Update 11/07/2022 1 Structure 1/2: sideways to bullish 2 imbalances : Target marked correction filled 3 Current Move1/2 : impulse 4 Entry TF : D1 4.1 ETF Structure: bullish 4.2 move : impulse 5 Support Resistance price support : 6 FIB: 50 support 7 candle Pattern : pro gap opening 8 Chart Pattern: range bond flag 9 Volume : on average continuation 10 Momentum: bullish sideways 11 Volatility : middle support 12 strength: bullish 13 Sentiment : 30/-17=13 14 Final Summary: Usd is strongest currency and due to crude price there are lot of pressure on CAD buy now 15Buy /Sell/Wait : long 16 Entry: 1.2974 17 Sl: 1.2933 18 Tp: 1.3430 19 Risk to reward Ratio: 1:5 20 Excepted Duration : 15 days
Long
by Optimum369
1