if daily candle closes under previous daily support i will look for the retracement to continue down to next daily support. If it closes ABOVE, i will look for a continuation to our buy target which is our weekly zone and fibonacci expansion zone. im bullish on this pair but each green line (daily zones) could be small pullbacks.
still seeing the yen to gain strength over the pound for the upcoming days/weeks.
looking for price to break above our weekly downtrending trendline since we see it has been getting weaker every time it gets hit (green circles), and now that we have a weekly divergence along with our monthly divergence, Im leaning more towards a bullish trend coming.
seeing a completion of our structure on the monthly timeframe, so will look for a nice retracement as our primary take profit to the 50% fibonacci retracement.
selling gbpjpy to 120.000. holding sells and only looking for sells after this untill we close in on our take profit.
risking 100 pips for a gain of 870 pips.
risking 47 pips for a gain of 160 pips.
looks to be coming down to retest major support due to weeklys current momentum to the downside due to its weekly hammer and bearish candle closing under previous swing low. so we're looking for a retest before continuing towards the upside.
we see bullish momentum which confirms our upward movement.
here we see a completed MM structure with a doji at peak low. would like for it to continue upwards with a retouch at yellow zone for confirmation.
here I can actually see it retrace do to that hammer in our weekly support zone, but could also make a new lower low before continuing to the upside (trap some Sellers)
We have our monthly (maroon) and weekly (white) major support and risistance drawn out. we see dollar was downtrending untill it broke above weekly resistace and now being supported. we also currently see a Bullish divergence that makes me believe the dollar wants to go up from where its at.
Im Selling Gold to primary first target being 1810.00
since we seem to be in a bullish run so i put a fibb expansion to see where we could go next. looks like we agreed on price around our 0.618 indicated by the doji, then moved passed it and now restesting. so upward movement seems likley still. that hammer/doji is something to keep an eye on though..
we see a divergence at out monthly support indicating a change in direction followed by a breakout of our bearish trendline confirming it. looking like we could be entering a Bull run.