Here we have a Descending triangle formed, this is a bearish continuation pattern and are formed in an overall downtrend, if you get the 4h chart up and zoom out you will see we are in an overall bearish market.
Descending triangles are a good signal, but we still have to watch and wait for a breakout of this triangle as nothing in Forex is guaranteed, a breakout...
From our chart you can see a STRONG resistance level ( green line ) and you can see our TP/support zone ( red box ) we are using this zone as this has been a KEY STRONG resistance turned support area in the past, this is probably where the big players and banks set orders hence why these levels are so well respected.
Remember if you can change your mind-set to...
We have a strong trend line formed which price is currently at and a strong SELL zone which price has just entered STRONG SELL.
We could see a run down to our support level where we will be looking for a BREAK as we are near the end of a descending triangle.
This is all.... Thank us later.
GBPJPY was travelling in an ascending channel however it recently just broke out of the channel to the downside. Price has been performing very nicely inside the zones marked on the charts.
I expect price to rise up to the resistance area (142.800) it is currently underneath (142.1 - 142.8) where it will also touch the top of the new DESCENDING channel price has...
Waiting for a break of this consolidation
If consolidation breaks below structure
zone I will then wait for a retest back to
resistance before shorting this position
Since price is in consolidation at support
it could break out towards the upside
142.019 area is such a strong support ( orange arrows ) if you cant see this then go get your eyes tested and please stop trading as you will only bankrupt yourself.
This level has also been used as resistance before ( purple arrows ) so we will wait for the 4h candle to close to see if we are going long like we anticipate, either way we will have orders in place...
143.581 - 143.379 is a lovely zone, you can see where price entered it and bounced bearishly ( to the downside, orange arrows ) and bounced bullish ( to the upside, purple arrows )
You can see the importance of this area, its like a sh#t city, nobody wants to stay or live there but you have to pass through it to get to where you want to go.... The candles are...
GBP JPY, I simple trade. I want to put a clean and simple chart , so I decided to just show the directions! However, If you would like to know and learn how we analyse this pair, Please drop up a comment!
At the exact moment this pair looks that will reverse back to 143.604 and then the sellers together will take the price of the pair to South !
Look at the levels of continuation and factor inn if still looking good for the sell off as GBP is very weak against other major currencies this week.
EYES peeled for political outcome of BREXIT 'Deal or No Deal'??
EUR/JPY has been in a wedge since 21st September and I have been studying this pair a-lot over the last week, A possible retest of the of the 200MA then a drop towards target 1. They is been a big selling market since the 21st of september and we are seeing the response in the market now. 130.208 is a small resistance so if we close above retest will happen.
GBP/JPY has shows some strength last few days but is looking to retest the Green Box area before pushing past 150.000, Ichimoko has been called back in and is in the green zone looking towards the bottom of that zone.
//Trade 4 (Idea)
This is documentation for my personal use. Please do NOT take trades without your own analysis and management. Feel free to comment and add your own thoughts.
Weekly weak closure, bearish daily. Will be looking on intra-day TF's for perfect entry for swing.
We have closed our GBP JPY Long position +150 pips and have now sent a short signal to our subscribing members
The Formation of a very bearish set up of a double top and a shooting star has given us confluence to short
The London FX Club Traders Team
+510 pips this week
So I have drawn my trend lines on a 4H chart, and then drilled down to the 1H time frame and drawn some S/R lines and a zone and I have seen that the trend lines hit a point, so thus had I entered the market where I have drawn my short position, i would now be in positive pips.