The price has formed new high, in case of 179.139 Level breakdown, the target will be at 178.223
Not recommending to sell of the market, but watch a PA to enter short, as a Short move has been confirmed by momentum - towards the main trend direction.
As for now, the SL's above 180.176 Target 178.223
Trading currencies with no stop losses is equal of being on...
Well defined PRZ on this pair for this harmonic formation. Points 1 and 2 are the retracement of XC. Looking for magic 0.786 number. It looks like first target might already be in play.
We're just about to form the CD leg of a potential cypher pattern, so if your trading plan permits you could trade the CD completion, and then the cypher completion.
Remember what makes a cypher:
- AB is at least a .382 retracement of XA and doesn't have a candle close above .618 retracement of XA
- BC is at least 1.272 extension of XA and doesn't have a candle...
@TradeYodha
TradeYodha.com
(Just my ideas, do you own analysis)
Possible GBPJPY 4H Short Opportunity
1. Clear Cypher Pattern
2. RSI reaching overbought level soon
3. 10 SMA and 50 SMA are lagging
4. Must wait for a confirmation (double top and/or bearish rsi divergence) before going short
5. Can take 2 targets close to 10 and 50 SMA
We potentially have a double top for GBPJPY on the 60 minute chart.
If we close with the top of a candle or wick at 186.914 in the next hour or two we might see a reversal into the 185.83 area.
SELL @ 186.37
BUY @ 186.91 (SL)
BUY @ 185.83 (TP)
Risk: 54 Pips
Reward 54 Pips
THE TREND IS UP AS WE CAN SEE,
BUT A NICE REVERSAL IS COMING INTO PLAY
SHORT INITIATED...
A BREAK BELOW 181.70 WILL TAKE US TO 181.10
BELOW THE 181.10, GBPJPY IS EXPOSED TO MORE DOWN SLIDE. TRADE CAREFULLY
STOP IS PLACED @183.30
I'VE LABELED THIS CHART A, B, AND C, SO THAT MY EXPLANATION OF EACH WILL BE CLEAR. THIS CHART ANALYSIS IS BASED ON FIB RATIO (PHI) ELLIOTT WAVE ANALYSIS, RATION SEQUENCING AND CONFLUENCE, I'VE DISREGARDED SUPPORT AND RESISTANCE, AS IT'S MY BELIEF THAT SUPPORT AND RESISTANCE ARE DEPENDABLE ON RATIO CONFLUENCE.
A.
THIS FIRST SECTION IS THE LEAST IMPORTANT SECTION...
