Inverted Head and Shoulder Pattern.
Buying at low of consolidation box with anticipation of a break of the trendline.
TP areas:
1 -> 107.900
2 -> 108.200
3 -> 108.800
Go risk free when +30-40 pips or when TP1 is reached
Over 3:1 RR
Time of analysis :
Markets are closing the gap
Gap is lined up perfectly with previous support/resistance and broken inner trendline
Additionally, current D candle has no lower wick
We're assuming that it will print one, we're looking at a easy 30-50 pips
Use you're own risk management
Top-Down Analysis based on Weekly and Daily Structure.
Use H4 time frame for price action confirmation.
Weekly target determined with Number Theory Rule.
100-120 pips upside potential.
Trade safe
Move SL at BE after +30 pips
Confluence:
3rd touch trend line
retest support / resistance are
the previous happens to be the neckline
50% Fibonacci Retracement from previous impulse
-27% Extension -> Swing TP
TP1: +30 pips
TP2: +50 pips
TP3: +130 @ 1.60800
Brexit uncertainty and potential general election in the UK.
Expecting money to flow through safe havens (Gold, JPY, CHF & USD).
Previous analysis on EURJPY goes hand in hand with this one.
Looking to sell on pullback.
Monitor price action on lower time frame near trend line
Red dotted line is entry for aggressive traders.
