With the previous compression bull outbreak. the trend will end on 1.618 with one or 2 retracement to the highlighted area. Thus, we currently placing buy limit on the highlighted area and few short term shorting position during retracement period.
I can see a 2nd (in red ) wave degree in a bigger picture which is still forming and a 3rd wave ( in blue ).
Coincidentally which enforces my idea is that 61% retracement of the bigger wave 1 in red is exactly where the 3rd wave extension 161% is.
Let's see now
Good luck.
Price has printed an indecision candle on resistance on the weekly and on the daily, potentially showing that the bulls have run out of steam
If price breaks below the daily indecision candle, I will go short targeting the previous resistance level.
ON THE WEEKLY CHART PRICE HAS TESTED THE 130.008 PRICE LEVEL (PURPLE), TWICE.
PLACE A BUY JUST BEFORE 130.000 LEVEL WITH A STOP LOSS JUST BELOW THAT.
NO PROFIT TARGET. LET YOUR WINNERS RUN.
For this trade I will be looking to short the Pound Yen. I would like to see the price up a bit before entering short. If I see a bearish engulfing candle at any point in the current uptrend I will consider entering there however I would need to see the RSI showing signs of reversal.
Hi Guys.
Here is an idea. it might be a bit late and the price will never go back to this level in this particular setup.
Bullish flag reaches it's target 90% of the time. Target is 145.000 which was a S/R in mid June
First fibo retraced just below 23%, which formed the flag and then started to go up.
Now, I'm expecting to see prices come down to 139.000 which...
Hello Traders,
Here we have a Wolfe Wave & Geo structure that is pointing DOWN after the current bullish run. A couple of things to note here.
1. This Wolfe Wave structure is still speculative since point 4 has not been defined. But, with the use of Fibonacci Extensions and ab=cd patterns I have defined a probable level where point 4 can be found. Point 3-4...
After the announcement this Friday, GBPJPY clearly broke many support levels and thus I believe it is safe to enter in a short position.
Expecting pair to retrace before it breaks 158.4 (on the 1h chart its heavily oversold (Note: my RSI bottom is 20).
From my analysis I expect a retrace to the level of 160.0 where it meets a strong RESISTANCE and 0.5 FIB...
GBP/JPY is looking like it wants to break to the downside. After consolidating for several hours it's forming a wedge of lower highs and higher lows. Odds are it will break to the downside. As to not jump the gun we will be shorting this pair with a break of 181.800, looking for a move of 80 - 120 pips with a stop of 120 - 130 Pips.
The current trend is controlling by bear which is pretty obvious concerning the fundamental issue. So I'm expecting the market may fall more. There is also a Gartley completing around 171.5 and a ABCD completing around 171.12 which can be a good point to buy the pair.
But before that, let us have to wait to break the golden ratio 61.8% which is around 176. Else,...
Hey there, as we can see Pound is pounding Yen in last two days. Some positive data took it this high where ABCD Pattern completed at 181.39-40 area. Which is giving us indication to have a short entry.
I took two entry from this pattern though I need to make sure this pattern is being respected as it is still in the PRZ.
My entry will be shorting from 181.40-45...
