Levels I'm currently looking at and what id like to see:
- Bullish push to the recent highs then look for evidence to go short.
- Or a break of the current trendline and then a retest of that trendline for a trend continuation to the downside.
- Only looking for shorts (for now) as the higher timeframes are showing bearish price action.
You can have two pending orders, a "Buy Stop" and a "Sell Limit" so either way you can get in on the right side and catch the momentum of the market. Once an order has been triggered then cancel the other. Be cautious of the London/New york crossover sessions.
Looking at the GBP/USD we can see on the 4Hr TF we have started the week in a bearish market as sellers continue to dominate price action. We have a projected target at the 1.27 fib ext which lines up around the daily support zone of 1.21950 if the recent LL is breached.
#USDJPY 4HR Chart
After last weeks breakout of the bearish channel, price seems to be in full swing riding up to the next structure level of 1.30100 (Price Reversal Zone) where we could come into some friction before looking for a short entry. Alongside that's a bearish bat looks like it's in the mix with its D leg looking to complete at the PRZ aswell. Once the...
As price action broke out of the bearish channel yesterday at 110.963 its only led me to think we would have a bullish upthrust to the previous highs of 111.440 which was tested earlier today giving us a double top. Now we are heading back into my predicted price reversal zone (PRZ) where i will drop down to a 1Hr timeframe (no lower) and look for a bullish...
Price action has recently completed a double top candlestick formation with a possible 2618 trade set up. Would like price to hit my Killzone before taking a conservative approach or I can jump in aggressive entry at 61.8% fib level.
I've currently got a GBP/JPY setup looking to jump in on a long position if I see price break and close above the weekly resistance level 148.000. ABCD pattern could complete at the 141% fib extension level for its D completion. RSI is extremely over brought so we could see a retracement before it continues to rally up to the 141 ext.
I will be looking for price to hit 1.05975 (61.8%) then to retrace up towards resistance level. Major news announcements is coming out tomorrow which could shake the markets so id remain vigilant and keeping a close eye on it.
For the up and coming week (starting 06/03/17) this is one of my pairs which is on my watchlist. I will be looking for price to either come down to daily support and test the 0.74981 zone or around the 50% fib retracement then a potential pullback of bullish evidence to the upside for the market to head up towards the daily resistant level of 0.77263.
i would like to think that price will reach the 113.800 zone due to price action previously being contested around major structure at that level and could hit the 38.0 fib to retrace upward or possibly down to 50.0 to head up.