GBPJPY retest of the broken support levels
Price has been trapped in a range, within this range momentum is moving in between 4 major supply and demand zones on the daily. On the weekly, it's clear that price wants to push back up to the supply zone .
The daily range broke past 146.000 of which there was no retest of this broken level. My goal is to wait for price to push back down into this level and a confirmation because i have two levels that i'll be looking for buys. The first is 146.000 and the second is 145.700 both of which are natural levels. For confirms, i'll be looking for a 5-15 minute candle confirmation of a reverse in momentum ( Longs ) before i take any trades. I've set my exit level at 147.700 because i do not see it going any further than that, remember last month was a bearish month which means that there is potential for the market to resume back down and this is the only level that has not been retested. Plus, if you drew your trend lines on the 4 hour correctly, you will notice that the market is channeling up and the trend line crosses this zone ( not a trend line trader ).
NOTE:
1) I will not set any pending orders
2) I do not assume that the market will reverse back up on the said levels hence why i'll be watching them before taking any trades.
The daily range broke past 146.000 of which there was no retest of this broken level. My goal is to wait for price to push back down into this level and a confirmation because i have two levels that i'll be looking for buys. The first is 146.000 and the second is 145.700 both of which are natural levels. For confirms, i'll be looking for a 5-15 minute candle confirmation of a reverse in momentum ( Longs ) before i take any trades. I've set my exit level at 147.700 because i do not see it going any further than that, remember last month was a bearish month which means that there is potential for the market to resume back down and this is the only level that has not been retested. Plus, if you drew your trend lines on the 4 hour correctly, you will notice that the market is channeling up and the trend line crosses this zone ( not a trend line trader ).
NOTE:
1) I will not set any pending orders
2) I do not assume that the market will reverse back up on the said levels hence why i'll be watching them before taking any trades.
