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.
Taking a step back from the intraday/intraweek stuff here and looking at a longer term position idea on the GBPJPY. If we close out this weekly candle below the trendline then I would be looking for this pair to continue on a bearish move towards the potential target area on the chart between the 50% & 61.8% fib levels. Righ where we intersect with a monthly...
We could look to enter short at a 61.8 fib retracement of the latest outside return, which would be an aggressive head and shoulders short entry. We would set targets at the retest of the neckline and could shoot for extended targets at 151.350s due to fib confluence, and a harmonic move down from previous impulse leg. A good safe stop loss would be set above the...
Expecting GBPJPY to fall over the next week or so. Could possibly see it reach 150.00 first which is a previous area of resistance. Should we get triggered in I would hope to see this reach around the 147.000 level long term
Potential Bearish Bat Pattern Forming
Entry @ D-Completion (149.566)
Target 1 @ .382 (148.564)
Target 2 @ .618 (147.945)
Stop Loss @ 1.13 (150.289)
Please make sure the rules for entry match your trade plan
i do not usually share this kind of setup but i've thought it could be helpful to some of you. On this chart you can see a flag pattern that's been setting up on the hourly timeframe. This happened after that a support was broken by price action, creating the conditions of a downtrend: we cuold, as usual, wait to see price coming up to retest our broken...
GBPJPY - Will either rise a break the previous highs then drop or play the weekend rise. Where it will rise above the opening.. consolidate. If this happens we won't wait and short it during the Asia session
GBPJPY seems to create opportunities for harmonic formations. If it rises to 147.25, it will form a Bearish Gartley formation, and if it goes down to 144.32, it may create a Bullish BAT formation.
this is a pair i've been looking at for the last weeks, and it turned out to be a good setup. Now price managed to break and close below the double top's neckline and that gives and indication of its intention to go lower. As usual, when such cases happen i look for a 618 retracement and sell at market, in according with the 2618 strategy. Stops would go...
On H4 chart of GBP/JPY we have a very clear situation. Price falls in a descending channel , and subsequent corrections end in the region of the previous low. This makes the chart very technical.
Currently such a clear state can be spoiled by parliamentary election in United Kingdom, which may distort such legible quotes. As for the price action itself – we are...
very few trading opportunities today on my radar. Here is one of the most interesting, we're on the daily chart and it's clear to everyone that we're about to make a decision. The structure you see looking left seems very important, and also the RSI way overbought make me think it's going to reverse. Nonetheless, you don't want to short such a trending...