Obviously a wick fill has to occur but the real question is when will it occur im seeing a perfect set up for price to eventually fall into my area off interest while going against what a lot of people maybe think... The eye stands for watch this position and make sure it breaks through that area to keep holding!
This pair looked very bearish during the open of the market I believe we continued selling into my entry point (area of interest) to entice more sellers and eventually take them out for a nice intra day move! This move was similar to the us30 post i made before this. I used market structure into account for take profits as well over all trend may be bearish but...
The reason I bought into this pair was because the market opened bearish and there was a bearish pinbar that I believe tricked many traders since it was very visible all throughout the week. Price then dropped to my area of interest were I saw huge wick rejections from both sides. I took market structure into account for my take profit!
Based off market structure and the huge wick rejections to the left of current price once I reach the circled level I am looking to short GBPJPY until the support structure!
I call these trades daily with a high success rate.
Price looking to drop for this week hitting our area of interest and eventually dropping to 109.423
Quick scope on GBPJPY I’m going short for this position do you feedback undo this post for more technical analysis.
As you can see price on the higher time frame (1HR) is going long due to a strong support and we also have our 50 moving average breaking towards the upside and retesting to go long. Don't get fooled by the "M" structure!
Pay attention to the way I mark up my charts and you will see why I took this long! It explains it self I do this over and over again on any pair (:
This is an amazing way to analyze the markets just take what you see from this analysis and put it in to play. Read what ever is in front of you and absorb this knowledge! Enjoy (:
So I am mainly looking for buys looking for a quick scalp of 15-30 pips! Making sure I perfectly enter with my buy stop.
Im looking to buy EJ until that support and resistance zone which is more than likely going to reject off and then sell!
So in my analysis I’m going for the head and shoulders but if it goes through my point of consolidation then we could definitely go in for a double top!