There's a lot going on here.
-Bullish Pin bar rejects 1.10650 support level and weekly trend line.
-The poorly circled area (my bad) shows shift in momentum past the previous swing.
-The exchange rate retraces 78.6% on the support that price most previously rejected.
Looking to go long ya dun know.
Price tests the support zone and looks like it's going to form a pin bar. If price does remain above support, it would confirm my prediction that price will form a H&S pattern.
On the 1H chart, we can see the H&S more clearly the previous test showed a bullish engulfing candle and on the current test of support we see another candlestick pattern on the...
If the exchange happens to
re-test or retrace and make a Higher Low, I'd be looking to go long.
I understand price is currently under the EMA, but looking at the weekly & daily for confluence, price has tested a major level of support. So I'd assume based on previous exhaustions of price, this is a potential reversal point for GBPJPY.
In the past I've often left trades and forgotten I had them open.
It's ALWAYS ALWAYS ALWAYS IMPORTANT to place a Stop Loss and Take profit, for every trade you place, especially if you Day/intraday/Swing & Position trade. I don't often scalp and if I do I'm usually in and out very quickly in around 10-15 minutes.
Now lets say you place a trade, entry after...
This entire time I've been trading, I've done my own analysis, I've bagged bare £'s, but if you go to my previous analysis's, bmt I'm talking like some next articulated professional don. I trade from my bedroom not for some bank, my analysis is simple and should be easy to read and understand. It's kinda mad now because I have the mindset of a trader, I tend to...
I assume based on Dows failure to rally, perhaps this is a sign that market wants to turn around
At each test of resistance, after dropping more than 500 points, the market has continued to push bearish as well as the Divergence also validating the direction.
Contrary to my previous long idea for gbpusd, as the impulse down outweighs any signs of pushes to the upside. I believe it's more likely to see a bearish continuation as price seems to lock into this restricted pennant. This would suggest price is exhausting before continuing.
I believe price will either test 108.700 area before continuing bearish as not only momentum decreased approaching weekly resistance but also the retracements became larger suggesting reversal or price will break support. In addition to this, it could be a potential Right shoulder forming on the 108.7 zone which would also suggest bearish moves taking place.
I believed, due to Point 4 not closing above point 1, that this would be a Truncated 5 Elliot Wave.
With that being said, looking to find a double top to push the market down after the 10am candle close. (Could possibly re-enter)