This is at resistance, its time to keep an eye on the next move it makes. If it can break resistance then wait for it retrace and test this area as the new support before entering a long trade. The next resistance level is marked in green, this can be the take profit target. If it does not break the current resistance then expect a fall to support around 137.6 to 137
Price is currently moving bearish in a potential retracement for a bullish extension. I would look for price to re-test the marked region before potentially moving bullish.
Once price gets to that region, I will assess momentum and position accordingly.
Today is the first Asian session of the new month. We have some decent options for GJ tonight.
1) If the current level is held we should see GJ move up to resistance at 136.450
2) If we see a break of 136.450, wait for support to form on lower timeframes to validate buys to fill a 35-40 pip range
3) If we do not hold the current level or we break it later...
We are currently trading in a 16 pip range. If we break resistance and form support on lower timeframes there are potential scalp longs to fill the wick and maybe even push through with Asian volume. The target would be a wickfill as there is a clean range to move up. I would advise caution with sells because the range below support is very messy, if you were to...
We are looking for a break of support at around 135.350-00. If this happens we would look for a resistance to form on the lower timeframes before looking to sell back down and fill the clean range down to 135 flat. The reason I am not looking for buys is that the upside is very choppy and there isn't a clean range to long into. However if we respect the support...
Its the start of the new trading week, and Asian session so personally not taking a trade yet, this is just to spectate, especially as the market opened with a gap. We are currently breaking resistance on the hourly, if it breaks, and support forms we would look for longs up to the next resistance to fill the range, if we close into the range again we would look...
GBPJPY - We have a downtrend closing in on the support level. Will be waiting for a break or a bounce from the trendline resistance here. If it is a break and retest I would go Long, I would have 3 TP's: 48 pips, 75 pips & 114 pips and SL would be 20 pips. Small SL because I don't really want to stay in the trade if it goes back into the wedge.
Expecting a break of structure past the 137.900 (previous HH) level to the completion of the bat pattern at 138.600 which is within the 88.60% and 1.618% point of the D zone.
From there I will be expecting a minor retracement (50.00% or 61.80%) to TP1 which is point B of the pattern, from there I will be looking for signs of a trend continuation to enter long...
At the moment we price is currently in a strong support and resistance zone ( green box ) In the trading week ahead we will be looking at 2 possibilities.
1. Price breaks out in a bullish manor and makes a run up to our 1st TP zone 146.800 ( 270 pips ) which is previous resistance with the possibility of making further bullish movement and reaching our next TP...
I am demo trading and documenting my progress. This is not intended to be a sell signal !
Ascending Trendline Structure on 4H
Possible Retest of 1H Resistance - Sell prediction on 4H with SL set at 2HR Inside Channel
Sell Limit - 144.800
SL - 145.500
TP - 142.500
Still holding positions from 150.858 now up to 152.397 - Have a TP at 155.850 for remaining positions then will be looking at selling the dip. Would like to know other peoples opinions on this and if anyone is doing anything differently