Hi Traders
Here on our top Down analysis, we have GBPJPY that has formed a Weekly head and Shoulders Patterns, and it is currently getting rejected from a Daily Trend Line.
After Breaking the neck line level, Price has pulled back into the neck line level in order to retest that area before continuing in a massive down Trend.
The only way we will get involved is if:
1. Price break our Trend Line to the downside..
2. Price break previous support putting us in a Shift in momentum condition
3. Price retest the broken area as Reistance in a form of a major pull back (38.6-100.0 Fib Retracement)
Extra
1. We may also see another Flag Pattern forming after that move on Lower Time Frame (1H and 15 min)
2. Market Shows a huge sell divergence on RSI
3. After breaking previous Major Support, Price has made an overal 78.6 retracement after the break of a period o consolidation to the left which happen to be one of our Entry Technique.
An Overall Target of 700 Pips is what we will be looking for here.
Here on our top Down analysis, we have GBPJPY that has formed a Weekly head and Shoulders Patterns, and it is currently getting rejected from a Daily Trend Line.
After Breaking the neck line level, Price has pulled back into the neck line level in order to retest that area before continuing in a massive down Trend.
The only way we will get involved is if:
1. Price break our Trend Line to the downside..
2. Price break previous support putting us in a Shift in momentum condition
3. Price retest the broken area as Reistance in a form of a major pull back (38.6-100.0 Fib Retracement)
Extra
1. We may also see another Flag Pattern forming after that move on Lower Time Frame (1H and 15 min)
2. Market Shows a huge sell divergence on RSI
3. After breaking previous Major Support, Price has made an overal 78.6 retracement after the break of a period o consolidation to the left which happen to be one of our Entry Technique.
An Overall Target of 700 Pips is what we will be looking for here.