GBPJPY on the 4h chart after the liquidity grab below the 159.500 area started an impsule to the upside.
The market broke the 164 level and retest the previous resistance now turned support.
We can see how that key level has been the 0.482 Fibonacci area and how the price started to trade between 2 narrowing trendlines that potentially could be seen as a pennant pattern.
How can i approach this scenario?
I will wait for a potential break of the pattern and if that will happen i will look for a nice long order according to the Plancton's strategy rules.
The market broke the 164 level and retest the previous resistance now turned support.
We can see how that key level has been the 0.482 Fibonacci area and how the price started to trade between 2 narrowing trendlines that potentially could be seen as a pennant pattern.
How can i approach this scenario?
I will wait for a potential break of the pattern and if that will happen i will look for a nice long order according to the Plancton's strategy rules.
Comment:
the market broke the trendline already