Hi there,
for those who have been following me but missed your chance to get into this trade. Now there are some retracement in play.
Look for a H4 bullish pin bar close similar to the pin bar indicated on the chart.
Only enter this buy trade if there is a pin bar formed. Strict stop loss below the pin bar.
If price manages to break below the pin bar there is no...
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
174.25 is an area where short opportunities should appear. Only, In case that the trade materializes, the potential P/T s are retest of the previous low, 168.45 and then 166 level. Trading above 175.60 negates this idea.
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...
THE NORM IS TO LOOK FOR 78.6 OR 88.6 x-d WHEN TRYING TO DETERMINE A PULLBACK, WITH THIS PATTERN MY ADVICE IS THAT YOU WAIT. IF YOU ARE ALREADY IN THIS POSITION FROM LAST NIGHT'S BEAUTIFUL ENTRY, THEN YOU CAN HOLD OUT A BIT LONGER, OR CLOSE AND WAIT THAT'S UP TO YOU. USING PHI ANALYSIS, I GOT A PULLBACK AT 172.97, SURPRISINGLY IT CORRELATES PERFECTLY WITH THE...
The overall trend here is obviously bullish. We put in a daily inverted hammer close at a prior event area, also now a huge support area, and a 50% fib level of the last move up. My first target is 178.00.
