GJ just recently breached it's weekly resistance area. Price action looked a little more interesting with the indicators on. Looking for a pullback of some sort and will be looking to short all the way to the next low and monthly support area.
I trade GBPJPY only, not only because I love the pair and it's volatility, but it's preparing me for the more institutional style of trading and training for the US30. This is a position in which i used my same analysis, as i would on GJ because the correlation and overall mobility of both instruments is amazing. Here, we can obviously see that was retesting the...
Looking at a possible short sell on GJ. Price broken structure and completed the full retest at the 78.6 Fibb. Will wait for market to open to see if price will make a gap, but price will most likely be bearish for the H1 TF.
Banks are setting up the uptrend very well. Price has broken structure on the Weekly and Daily. Can expect price to test this fibb ext and reciprocal @.550
I do not have any doubts that this pattern will emerge, but I do know that I've seen it on the smaller TFs up until now. If you're in a buy, be patient. Price may drop closer to NY close, but will most likely consolidate for the next two sessions. You have to make the choice to get in on this pair because the bears will bring in the volume and chase those lows....
Will be looking to roll stops and turn into risk free positions once price breaks that major LH point. Pennant forming on smaller TF, giving good indication that price will break out into the 140.100-.125 area. Strong bullish divergence on RSI and bullish candlestick formations at that major H4 support. Targets came from Fibbs and Fibb exp .
So far, it's been a waiting game as I wait on price to break below the pennant or above that new found resistance. I am hoping that price breaks below and continue the trend. That will be an awesome R:R considering the key levels of support below that price may try and retest. Waiting for break and retest of the current structure to look for solid entry.
