Posting this one a bit late. Opened a short on the second test of 61.8% which lined up perfectly with the 4H trend line. Targeting 139.750 but will most probably see it come much lower. Second target of 139.000.
another analysis today that i want to share with you. Here we are on GBPJPY and you can see that we are up against a previous daily structure level on the left hand side of your screen.
In cases like this i start looking for some shorting opportunities in lower timeframes, such as 4hr chart. On the right hand side of the screen you can see price is right...
Daily momentum down
1H momentum down
1H trend line rejection
Round number 142.00 rejection
Price break low and re-tested with pinbar
Entering trade at the breaking the low of the pin bar
R1 pivot rejection
Order triggered on gj after a strong support, trend line , neckline break. We decided not to enter on the right shoulder at 50% as we checked back in history and found the 142.500 area (highlighted in grey) a bit risky to trade above it so we took a more conservative approach and set the order underneath where we had a lot of space for the market to drop into if...