Hi Traders,
New week New opportunities, Today I am focused on GBP/JPY to see if price could follow through on the current bullish momentum.
On the daily Chart we have seen price create bullish candles over the last three days with todays candle being the 3rd day, So with that in mind we need to understand that we have the entire day for the current daily candle to do whatever it wants to do so nothing is a sure thing.
However looking at the current price action. I love the fact that price has created a support at 158.0, which is a phsycological support level. If price should continue holding this level, I would be interested In buying opportunities.
Going down to the 4 Hour Timeframe. I can see that the current H4 candle has now broken a level of resistance which is excellent seeing that we are interested in buys. I would love to see price remain and most importantly CLOSE above 160.0 on the 4 Hour timeframe Before looking for entries.
I would prefer the very next 4hour candle to immediately retrace down to the support of 160.0 where we can then scale down to the 30 min timeframe for price to start showing signs of rejection where we can then start entering the buys.
My target would 161.0 where I would close 90% of my positions and move my stop loss to break even. The next target on my radar would be 162.0
Trade safe
Renaldo Philander
New week New opportunities, Today I am focused on GBP/JPY to see if price could follow through on the current bullish momentum.
On the daily Chart we have seen price create bullish candles over the last three days with todays candle being the 3rd day, So with that in mind we need to understand that we have the entire day for the current daily candle to do whatever it wants to do so nothing is a sure thing.
However looking at the current price action. I love the fact that price has created a support at 158.0, which is a phsycological support level. If price should continue holding this level, I would be interested In buying opportunities.
Going down to the 4 Hour Timeframe. I can see that the current H4 candle has now broken a level of resistance which is excellent seeing that we are interested in buys. I would love to see price remain and most importantly CLOSE above 160.0 on the 4 Hour timeframe Before looking for entries.
I would prefer the very next 4hour candle to immediately retrace down to the support of 160.0 where we can then scale down to the 30 min timeframe for price to start showing signs of rejection where we can then start entering the buys.
My target would 161.0 where I would close 90% of my positions and move my stop loss to break even. The next target on my radar would be 162.0
Trade safe
Renaldo Philander