Harmonic confirmation on hourlies. TP at 50% C to D retracement.
GBPJPY looks like wants to form a wave to go UP above 150. One probable setup among many others to reach that target will be by making a wave like this one going to around 145.8 and return to 131.36 . If that is the case, a way to reach 145.8 will be using 137.12 as an impulse, but can't go direct, must go first to 140.94 in order to sync with higher...
I suggest you check out ALL of the relevant articles that i attach to this post so that this post makes sense SEE PART 1 ALSO GBPUSD historical Price Action The findings of previous the attached "Price action history posts" led to the conclusion that referendum history clearly wasn't repeating itself however IMO because this is the case it has opened up...
If you would have traded my previous idea, you would now have been in profit for 800+ pips. Stoch RSI broke the trendline. On the chart you can see that we have tagged the 50EMA but we failed to close above the trendline. In my opinion this will be the last touchdown of support.
After the panic selling on friday thanks to the NFP data i am wondered what next week will bring us. No further advices, just leave what you think please. although there is a promising COT of the GBP www.myfxbook.com so i do not know what we are up to after mondays events. But volume did lower so i might be expecting a slight correction to the upside. if we are...
Just waiting for FX:GBPJPY to start on the move down.
Rejected off key zone, good shorting oppurtunity, risk:reward 12:1
Hello, guys Here is my trading plan today Waiting this candle stick for confirm downtrend IF it is end of wave B, it will go to wave C (1-2-3-4-5) Waiting for Wave 3 of C (easy trade) IF still go up it can go to 61.8 and 78.6 Trade carefully , I bet first around this price (Fibo=50%)
- Strong Bear Trend Bar - Measured Move Target based on Last Big Bear Spike - Support Below (2 Pink Lines) should act as a magnet
confluence of: 61.8 retrace of last major swing down (A-B) trendline, 100M; and plus zone of 1.272 - 1.618 inverse extension of last minor swing down (1-2) (note the initial bounce right of this 1.272 level) in addition both stochs and RSI are getting into oversold territories