Looks as if GJ could continue its bullish push. we are seeing a pullback before the bulls will potentially drive price up.
Analysis:
1) Monthly timeframe broke down trend line with a retest and successful bullish run. April candle slightly concerning due to its doji like formation.
2) Daily timeframe at a low price, found support at previous resistance. One can also see a successful U-turn at price 156.200 (61.80% Fibonacci retracement). If this market is planning to continue going up at this point we need to wait for confirmation as its not completely clear yet as to when the bullish run may occur. There appears to be a Gartley pattern on the daily TF with a sub ABCD swing, hence the green buy zone market on the chart. If this pattern completes then our expectation for the bullish run is towards price 168.343
3) On the 1Hour time frame I am looking for potential entries. We have momentarily entered into the buy zone (counter trend line break bullish). 1, I am anticipating a pullback and retest of the trendline. 2, The market could break resistance and retest as support in which my entry will be a counter trendline break bullish with a wick rejection candle as confirmation. 3, The market can fulfill the daily gartley pattern towards price 154.188 (sweet-sweet Buy zone), this is the ideal entry point.
Risk/Reward= 1:3
Stop will be below zones of support
Analysis:
1) Monthly timeframe broke down trend line with a retest and successful bullish run. April candle slightly concerning due to its doji like formation.
2) Daily timeframe at a low price, found support at previous resistance. One can also see a successful U-turn at price 156.200 (61.80% Fibonacci retracement). If this market is planning to continue going up at this point we need to wait for confirmation as its not completely clear yet as to when the bullish run may occur. There appears to be a Gartley pattern on the daily TF with a sub ABCD swing, hence the green buy zone market on the chart. If this pattern completes then our expectation for the bullish run is towards price 168.343
3) On the 1Hour time frame I am looking for potential entries. We have momentarily entered into the buy zone (counter trend line break bullish). 1, I am anticipating a pullback and retest of the trendline. 2, The market could break resistance and retest as support in which my entry will be a counter trendline break bullish with a wick rejection candle as confirmation. 3, The market can fulfill the daily gartley pattern towards price 154.188 (sweet-sweet Buy zone), this is the ideal entry point.
Risk/Reward= 1:3
Stop will be below zones of support
Comment:
No Counter trend break at support, ruling out this option. Lets see what happens on the retest, if this fails, I'll wait for the market to come down towards 154.000 (Buy Zone)
Comment:
Scenario played out well as expected. However no entry, not enough confirmation yet that buyers are willing to take control
Comment:
Just entered GJ on counter trend break bullish.
SL = 155.051
TP = 164.030
0.1 Lots
RR = 1:1
SL = 155.051
TP = 164.030
0.1 Lots
RR = 1:1
Trade closed manually:
Trade closed at break even stop (no loss). Waiting for new setup bullish
Comment:
Trade eventually worked out, I closed my position thinking the market was going against me and did not take a new entry (missed)
Related Ideas
GBPJPY
TradingfortheFuture_
about GBPJPY