Continuation from my previous idea. I'm not in a trade based on this analysis. I'm going to remain out until I get a better signal to buy. In the previous analysis I remained neutral as to where price will go, but where is the fun in that? Here I commit to a bear market; price is currently above downward trendline without momentum; pennant formation funneling...
I can't decide as to where the market will take us, strong resistance coming up, possible fake break out of descending channel, triangle formation funneling price, and an ascending upward channel but without much of a historical support. Inclination towards a bear market. Your thoughts?
I looked at the angle of the trend line and compared it with a past downtrend with similar bull angle. I looked at trendiness and noticed a cross over between the two (monday) where there is usually significant movement. I suspect prices to break the main trend line for a day, but to close bellow. I expect a day or two of surfing the line, then a descend to the...
Possible channel continuation to test trendline. Trade downward break of channel (if triggered) for trend continuation.
GBPJPY 30 Min triangle formation: possible channel continuation to known resistance.