Good evening guys, My opinion and views on GBP/JPY is based on support and resistance that I perceive. The following information is not advice, but merely me sharing my intent with the currency pair until the profit has been realized or the market moves outside my favor.
Starting with the diagonal line CD to be the target for the price and it will reverse back to at least 140.226....how will I trade the information:
1. The current price is against diagonal line AB, as soon as the price open above the line on the hour chart I will open a buy order to take profit manually against the diagonal line CD or when price 140.845 is reached. When the price touches Line CD it will start moving downwards to complete the Wedge by touching the bottom diagonal line in the case of my drawings.
2. When the new candle is open after touching the line and the price is below the line CD then target 140.226 as 1st target on the short and 139.841 as the second target.
3. When price move above CD target 141.134 and 141.616
Starting with the diagonal line CD to be the target for the price and it will reverse back to at least 140.226....how will I trade the information:
1. The current price is against diagonal line AB, as soon as the price open above the line on the hour chart I will open a buy order to take profit manually against the diagonal line CD or when price 140.845 is reached. When the price touches Line CD it will start moving downwards to complete the Wedge by touching the bottom diagonal line in the case of my drawings.
2. When the new candle is open after touching the line and the price is below the line CD then target 140.226 as 1st target on the short and 139.841 as the second target.
3. When price move above CD target 141.134 and 141.616
Comment:
The 1st portion of the view above has been achieved. The next level will be to look at is mentioned in point 2 which means if a new candle on the hour chart opens below 140.226 we can target 139.841, but always remain careful and utilise a mitigation plan in case the market start reversing against you.
Comment:
The 2nd target at 139.841 has been achieved.
Comment:
SInce 2nd target has been achieved it should not go lower then 139.535, if this occurs we will reapply the next steps. if the market opens 139.823 without a GAP we will target 140.226 and then 140.845...at this point a the resistance should kick in and try to move the market downwards. The fundamentalism will then kick in based on the weekends activities with news, politics and sentiments. Keep safe
Comment:
The Idea has ran its course and i will load a new Idea around the current market structure.