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GJ Journal 12-11-18 So, all week GJ has been dropping like no other, I personally think this is due to the high pressure news and rumors of Brexit. Historically, if you look left there is a zone a few hundred pips below that many buyers have entered the market, now what I think may be happening is that, price could keep dropping lower and lower until we reach that large zone of buyers and finally end this seller push! Also, all timeframes have been telling and hinting that we should be heading to that yellow zone below and also, now on the 15 min we are downtrending again and I believe that with price stalling currently and us heading downwards nearing London session, we could really see that zone become reached by the end of this week!
by EsotericTrader
GJ Journal 12-9-18So, this is a new week into the trading world and for GBP we have some MAJOR news all week basically, especially because of all the BREXIT news. All timeframes are really telling me we will be having longterm bearish movement to the downside, even all the way down to the 1h timeframe. So when price opened at market open it actually closed below a zone that it has not closed beneath in a long time which is very good to look for those sells. As far as trading GJ tonight, what I am seeing is that we are still seeing pushes to the downside for now and if it fills the gap then that would also retest the zone it closed beneath and will also be retesting the 38.2 & 50 fibs! Now with the high news for GBP at 4am we could see this really push up, but technicals are looking bearish. So stick with my guns on this one and enjoy the ride!
by EsotericTrader
GJ Journal 12-8-18 So, I did not update these journals since about 2 days ago so movement was missed, but what I saw with this sell was that if you go back to the most recent journal before this you could see we were in a very good buyer zone, and as expected GJ did shoot up and my projections of where we could drop again were where I have the yellow zone now. The reason the yellow zone is there is because if you look left that is a well respected Price Reversal Zone, so as history repeats itself this is what I saw and the reason that I had that zone there and not higher up towards those other highs was mainly because of my fib retracement tool... Price stopped and started to show exhaustion at the 78.6% Level which also has many wick to the upside and after watching GJ for a little bit, wicks in one direction is typically an indication that price could move away from those wicks. And to end it, TP1 was hit at around 50 pips, once that's hit SL should be into profit and now I see this completing the fib extension where I have my green box ending, so we will wait for price to either hit TP or Stop Profit...
by EsotericTrader
GBPJPY Journal 12-5-18So GJ is nearing a very strong buyer reversal zone at the moment, if you look on the 4h and D timeframes, you can see that the past couple of times price was here it sky rocketed some massive amount of pips. But something else that may be very valuable to keep in mind while looking for any buys is that the price action for GJ on the Daily really indicates that we could possibly break below that zone and fall another 400 pips. Currently I am not looking to get into this market, I will place a buy limit right at the fibonacci extension to possibly catch a few pips to the upside. But, ultimately we are nearing a very critical zone, that has showed us buyer potential in the past, but recent price action says we can break below and head down further
by EsotericTrader