Big long term signal in kiwiBig line here. Nice base, macro winds favorable, juicy swap!
You're welcome
Yen
Jasmy (JASMY) Drawing on the charts, nothing else to it than that.
Glassy, Grassy, Miami, ascii, chassis, tallahassee.
...
For some reason the circles always shift whenever I try to use them as a published idea. Trading View should fix that. The circles should line up with the highs of each section.
...
sassy, classy, grammy.
Some words that rhyme with Jasmy.
...
Let's ignore those that refer to anger or violence.
GBP/JPY H4 | Falling to pullback supportGBP/JPY is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 190.29 which is a pullback support.
Stop loss is at 189.88 which is a level that lies underneath a pullback support and the 61.8% Fibonacci retracement level.
Take profit is at 191.63 which is a pullback resistance that aligns close to the 50.0% Fibonacci retracement level.
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USD/JPY looks set for 155 - but will the BOJ allow a breakout?At the beginning of April, Japan's ex-FX diplomat Watanabe said that the BOJ were unlikely to intervene with USD/JPY below 155. Well now the pair trade less than 80 pips beneath this key level (and less than a day's trade by recent standards), 155 is certainly the level to watch today.
The strength of the bullish 1-hour trend makes it seem that USD/JPY has little choice by to at least try and retest 155. Prices are now consolidating after a mild pullback, RSI (2) is nearing oversold during an uptrend and the daily pivot point is nearby for dip buyers to consider longs.
Should momentum turn higher from here, bulls could simply target 155.
As for how it behaves if it meets that level remains to be seen. Yet prior attempts at key levels usually sees momentum either slow down ahead of it, or a volatile breakout is followed by a shakeout before prices revert beneath the key level. The only exception in recent history was IS CPI data which saw prices smash through 152 with apparent ease.
But today we suspect market forces alone can drive prices higher without US data. The question remains as to whether the BOJ will remain quiet and allow the rally to flourish further.
BOJ to boost the yen this Friday? In addition to the eagerly awaited US data slated for release this week, investors will be keeping a close eye on the Bank of Japan's interest rate decision scheduled for Friday.
Market expectations lean towards the BOJ maintaining its current rate settings during Friday's announcement. However, analysts and investors will scrutinize the central bank's commentary for insights into its stance on inflation, as well as indicators like consumption and wages.
A recent forecast from the Japan Center for Economic Research suggests that a majority of economists anticipate at least one more rate hike from the BOJ before year end.
Some market observers speculate that the BOJ's next rate adjustment could be influenced by the depreciation of the yen.
However, Bank of Japan Governor Kazuo Ueda has dismissed this speculation, asserting that this won't directly dictate the central bank's monetary policy decisions. Ueda remains optimistic about wage growth prospects and hints at the possibility of another rate hike if trend inflation shows signs of reaching their projected level.
While we may not see a rate hike this Friday, Deutsche Bank does speculate that BoJ might be able to support the Yen by either removing its JGB purchasing guidelines from its statement or revising them to enhance the flexibility of its purchasing operations
Hedge Funds Bet on Yen Shorts as BOJ Reiterates InterventionHedge funds are betting big against the Japanese yen, driving short positions to their highest level since April 2022. This aggressive stance comes despite warnings from the Bank of Japan (BOJ) that it will intervene in the currency market again to defend the yen if necessary.
The data, compiled by the Commodity Futures Trading Commission (CFTC), shows a surge in net-short yen positions held by leveraged funds. This indicates a strong belief that the yen will continue to weaken. The yen has been under pressure for months due to a widening gap between Japanese and U.S. interest rates.
Why the Yen Short Bets?
Several factors are contributing to the bearish sentiment on the yen:
• Divergent Monetary Policy: The BOJ is maintaining its ultra-loose monetary policy, keeping interest rates near zero, while the U.S. Federal Reserve is aggressively raising rates to combat inflation. This interest rate differential makes yen-denominated assets less attractive to investors, weakening the currency.
• Geopolitical Tensions: The ongoing war in Ukraine and heightened global uncertainty are driving investors towards safe-haven currencies like the U.S. dollar, further pressuring the yen.
• Intervention Concerns: The BOJ's previous intervention in the currency market in September 2022 to weaken the dollar and strengthen the yen proved to be temporary. The market's perception is that the BOJ may not be able to sustain continued intervention efforts, leading to renewed weakness in the yen.
Bank of Japan's Warning
The BOJ has reiterated its commitment to defending the yen and warned of further intervention if deemed necessary. Governor Haruhiko Kuroda has emphasized the bank's resolve to maintain its current monetary policy stance, even as the yen weakens. However, analysts remain skeptical of the BOJ's ability to influence long-term currency trends, especially given the strong global forces pushing the yen lower.
Potential Impacts
The continued decline of the yen could have several consequences:
• Imported Inflation: A weaker yen makes imports more expensive, potentially fueling inflation in Japan.
• Corporate Profits: Export-oriented Japanese companies could benefit from a weaker yen as their products become more competitive globally.
• Investor Confidence: Continued weakness in the yen could erode investor confidence in the Japanese economy.
Looking Ahead
The future path of the yen is uncertain. The BOJ's resolve and ability to defend the currency will be closely watched. The direction of U.S. monetary policy and global economic conditions will also play a key role.
With substantial short bets placed by hedge funds, the yen remains vulnerable to further depreciation. The BOJ's warnings of intervention add another layer of complexity to the situation. The coming months will be crucial in determining the fate of the yen and its impact on the Japanese economy.
GJDAILY
Still in our bullish trend, currently forming a channel where we are slowing down and pulling momentum. Towards the 190.00 is where we would expect a reversal and continuation of the trend.
4H
Still letting it fall and as practice analysis, our forecast from early in the morning is currently on par with the market. 190.00 our aim
1H
In the distribution phase so we know this is where momentum is best.
UJDAILY
Break upwards and price has been fighting to go up, yet we were stopped out. Doesn't break the plan, it is part of business expenses.
4H
154.00 was our bouncing point, it is where we get support and push upwards.
1H
154.60, we are slowing down and looking left shows us that we are in an area of sensitivity.
GBP/JPY H1 | Falling to 38.2% Fibonacci supportGBP/JPY is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 191.72 which is a pullback support that aligns with a 38.2% Fibonacci retracement level.
Stop loss is at 191.25 which is a level that lies underneath the 50.0% Fibonacci retracement level.
Take profit is at 192.71 which is a pullback resistance.
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UJDAILY
Not going to lie, there's no pattern I see. Just the assumption of the one I want to see, which is not a fact so it cannot be used as a confluence. Yet we broke 152.00 which if you zoom out will confirm that we are still in a very bullish trend. Impulse, Correction, Impulse : If you zoom in.
4H
We formed a bear flag and broke it impulsively, breaking at 152.00. This is where our resistance was very strong. Had a flat flag, which was also broken, 153.40. Now we are currently in another correction structure (also the high price UJ has ever seen.
1H
Touch of the bottom of symmetrical triangle 3 times, so we can assume the third touch of the top will be the break to continue to the upside. It has also formed a variation of an inverse H&S which shows the further strength of the demand to the upside.
Trade Idea : Wait for the break of the triangle
GJI am seeing a long sell
DAILY
We have struggled to break the high for the third time, telling us the ceiling is high and filled with sellers. An ascending channel is forming and within it we have another ascending channel which adds to the confluence.
4H
We have a bullish channel in the smaller ascending channel. Where it is also struggling to break the high. 179.80, this gives us ideas of what to do next as we wait on the market open today which will come with the supply.
1H
Impulsive bearish candles, they dragging each other. Let's stay watching 192.20 and see how the trade idea goes.
CHF/JPY H4 | Potential bullish breakoutCHF/JPY is exhibiting strong bullish momentum and could potentially rise above a breakout level to climb higher.
Buy entry is at 169.56 which is a breakout level ( wait for the 1-hour candle to close above 169.56 for confirmation ).
Stop loss is at 169.00 which is a level that lies underneath the 23.6% Fibonacci retracement level.
Take profit is at 170.14 which is a pullback resistance.
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Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
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Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
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Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
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EUR/JPY H4 | Heading into overlap resistance?EUR/JPY could rise towards an overlap resistance and potentially reverse off this level to drop lower.
Sell entry is at 164.62 which is an overlap resistance that aligns close to the 78.6% Fibonacci retracement level.
Stop loss is at 165.45 which is a level that sits above a multi-swing-high resistance.
Take profit is at 163.61 which is a pullback support that lies above the 50.0% Fibonacci retracement level.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
How Far Dollar Yen can go Go this Time ?Plan A:
Once Reaching Around 155.20,
Observed the reversal pattern,
such as 4H bearish harami, 4H bearish engulfing,
Long shooting star to enter the short trade.
At least 1-3 profit target that can be set separately
as T1, T2 , T3.
Plan B:
What happen if no reversal pattern found :
very simple continue to Long.
AUD/JPY H4 | Bearish momentum growingAUD/JPY is exhibiting strong bearish momentum and could potentially extend this current downtrend.
Sell entry is at 99.07 (sell at market).
Stop loss is at 100.10 which is a level that sits above a pullback resistance.
Take profit is at 98.29 which is a pullback support that aligns with the 61.8% Fibonacci retracement level.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
CAD/JPY H4 | Pullback resistance at 61.8% Fibonacci retracementCAD/JPY could rise towards a pullback resistance and potentially reverse off this level to drop lower.
Sell entry is at 111.95 which is a pullback resistance that aligns close to the 61.8% Fibonacci retracement level.
Stop loss is at 112.58 which is a level that sits above a pullback resistance.
Take profit is at 111.03 which is a pullback support that aligns with the 38.2% Fibonacci retracement level.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
How much higher can the USDJPY go?Yen weakness despite...
BoJ Exited negative rates regime
Increasing geopolitical uncertainty
Gold at historic highs of 2430
In 2022 and 2023, when the USDJPY approached the 152 price level, open/discreet intervention was in place to strengthen the Japanese Yen.
However, in 2024, the USDJPY has now surged past the 152 resistance level, with the Japanese Yen continuing to show signs of weakness.
Could 155 be the next target price level for an intervention?
Yen Traders Tread Cautiously as Japan Hints at InterventionAnxiety hangs heavy over the yen market. With the Japanese currency hovering near a 34-year low against the U.S. dollar, traders are wary of potential intervention from Japanese authorities. This comes as Finance Minister Shunichi Suzuki reiterated the government's concerns about the rapid depreciation of the yen.
The Yen's Slide: A Perfect Storm
The yen's recent decline can be attributed to a confluence of factors:
• Divergent Monetary Policies: The Bank of Japan (BOJ) has maintained its ultra-loose monetary policy, keeping interest rates near zero, while central banks like the U.S. Federal Reserve are aggressively raising rates to combat inflation. This widening interest rate differential makes the dollar a more attractive investment compared to the yen.
• Global Risk Aversion: As geopolitical tensions and concerns about a global economic slowdown escalate, investors are seeking refuge in dollar-denominated assets, further weakening the yen.
• Japan's Trade Dependence: Japan relies heavily on imports for essential resources like energy and food. A weaker yen makes these imports more expensive, potentially fueling inflation within Japan.
Verbal Intervention: A Warning Shot
Finance Minister Suzuki's recent statements can be seen as a warning shot to currency markets. He emphasized the government's "deep concern" about the yen's depreciation and hinted at the possibility of intervention if excessive volatility persists.
However, the effectiveness of verbal intervention is debatable. Without concrete action, traders might remain skeptical.
Intervention: A Double-Edged Sword
Direct intervention in the currency market involves the Japanese government selling dollars and buying yen to artificially strengthen the currency. While this can achieve short-term results, it comes with drawbacks:
• Costly Defense: Intervention can be expensive, draining Japan's foreign currency reserves.
• Market Distortion: Heavy intervention can distort market forces and create uncertainty for traders.
• Limited Effectiveness: The effectiveness of intervention depends on the size of the intervention and the broader economic backdrop. If underlying economic fundamentals favoring a weaker yen persist, intervention might have only a temporary impact.
Traders on Edge: Waiting for the Next Move
Yen traders are currently in a wait-and-see mode. They are closely monitoring the Japanese government's actions and statements, along with the Federal Reserve's monetary policy decisions, for any signs that could influence the yen's direction.
The Road Ahead: A Balancing Act
The future path of the yen will be determined by several factors:
• The BOJ's Monetary Policy: Any change in the BOJ's stance, even a hint of a future rate hike, could strengthen the yen. However, the BOJ is expected to remain dovish for the foreseeable future.
• Global Risk Sentiment: If global risk aversion eases, investors might be less inclined to seek refuge in the dollar, potentially aiding the yen.
• The Effectiveness of Intervention: If Japan intervenes in the currency market and does so decisively, it might provide temporary support to the yen.
Conclusion: A Fragile Currency in Uncertain Times
The outlook for the yen remains uncertain. While the Japanese government may intervene to curb its rapid depreciation, the effectiveness of such strategies is limited without addressing the underlying economic factors. The future direction of the yen will likely hinge on global economic developments and the monetary policy decisions of major central banks.
AUD/JPY H4 | Potential bullish bounceAUD/JPY is trading close to a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 99.37 which is a pullback support.
Stop loss is at 98.07 which is a level that lies underneath a pullback support and the 161.8% Fibonacci extension level.
Take profit is at 101.34 which is a level that aligns with the 100.0% Fibonacci projection level.
High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Stratos Markets Limited (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com):
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Stratos Trading Pty. Limited (www.fxcm.com):
Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com
Stratos Global LLC (www.fxcm.com):
Losses can exceed deposits.
Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd.
The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Yen looks VERY STRONGIt has been some time since we checked the #Japanese #Yen vs US #Dollar.
Updated the chart a bit since last time.
Clear bottom forming inverse head & Shoulder pattern.
Broke and retested the 2002 highs.
Bounced off the Green Moving Avg, successful retest.
Japanese are selling foreign investments as their #interestrates have increased. We've spoken on that a few times.
UJStill holding a buy, moved SL in profit. With the current price movement we might get stopped out.
DAILY
151.90, we finally broke and closed above. We are now either waiting for the further bullish push up or the retest so we can enter on the continuation. This is the highest price UJ has been peaked at, so we know the dollar is doing quite well.
4H
152.80 gave us a form of support and we have been going up. Yet we wait and watch as it could shoot up and create new supports or breakdown to retest old resistance as supports.
1H
We are seeing a test candle which is a form of reversal so stay watching for that. 152.80 is our support for either a breakdown or reject and shoot up.
15Min
GJStill holding a bad trade from yesterday, entered too early.
DAILY
We had a close with a reversal stop candle which was showing us downwards demand, now we we are forming a bullish reversal candle. So we know that the candlestick use is wrong, as we should use patterns to give us more guidance. Retesting 192.00, which we have established as our resistance and price of reversal.
4H
192.50 was the turning point and we are still moving to down side, so we will wait and hold.
Having a trend within a trend, we have a bullish reversal channel forming in the larger bull structure, therefore we need a break and retest in order to fully execute this trade idea.
1H
The close of the candlestick will give us the confirmation we need to start thinking of placing our sells. 191.60 is where we need to break and reject before we fully execute.
15Min
First let price reach 191.80 and break through here first.
UJWe were also triggered in here, but SL was moved into profits so we were stopped out. Wen in again and fully got stopped out. Now we refine what the market is telling us.
DAILY
151.97, our peak and our ceiling. Looking left what we are waiting for is a drop and a painful one. The dollar (DXY) has also given us signs of a drop. So we will plan and wait for the perfect entry.
4H
This is the first peak to reach here that consolidated, the previous two rejected and price collapsed. So as much as we are anticipating the fall, we still have a long possibility.
1H
151.92 we will see this as another level of sensitivity. Probably placing a high risk Sell Limit just to confirm our bias.
15Min
Leave that trade idea, it's not real
