Early entry made after seeing a 2nd resistance form at the range highs. (range trade) Entry explained on chart. Targets based on livestream detailed explanations and overall outlook. Secondary entries to be taken if options show below 135 with LTF resistance forming. i will be looking to move to break even asap in this trade minimal risk used as im planning...
Here we have GBPJPY on the daily timeframe, a nice breakout of this longer term ascending trendline, creating a lower low, we also have a little correction happening where price is now interacting with the 50 fib level, If we can get a breakout of this short term ascending trendline I would look to short this pair.
Validated confluences
1.Weekly Trend line broken
2.Support broken Resistance valid
3.Trend Trading
5.Profit margin 1:3
Price action formed inside candle which means bears could not breach the previous low, Price created the inside bar then price retraced back to previous strong support.
Validated confluences
1.Downtrend trading with the trend
2.Support broken resistance validated
3.Trendline still validated as price action has not breached
4.Opposing level breached by short sellers
5.Profit margin 1:4
bearish sentiment
Validated confluences
1.Downtrend trading with the trend
2.Support broken resistance validated
3.Trendline still validated as price action has not breached
4.Opposing level breached by short sellers
5.Continuance of Bearish sentiment
Validated confluences
1.Inside Bar formed in Strong support zone
2.No fresh strong resistance until 17200
3.Price action hit support zone
4.Minor obstruction above 16600
Validated confluences
1.Trendline validated
2.Previous Resistance broken (breach of opposing zone)
3.Price action hit support zone
4.Trading with the trend
5.Pin bar being the last candle
Validated confluences
1.Support zone active since 7th of October showing strength
2.Weekly trend has been broken from this area
3.Profit margin 1:3
4.No resistance until 1.8000
5.Support zone engulfed/breached opposing resistance zone
