GBPJPY Continuation short after messy PA
Very messy PA in multiple the Yen pairs. Considering HTF; most of the Yen pairs reached a VA or ATH and impulsively turned around. Assuming the BOJ intervened at least twice, but the market did not yet follow through yet. The overall situation is still undecided, with fundamentals not supporting an immediate strengthening in the Yen.
However Positioning is prime for a selloff in the Yen pairs.
Since PA is still considered 'messy' I am waiting for a clear confirmation in form of a H1 continuation flag before setting an EO.
This setup applies to multiple Yen pairs. Patience is key, once again.
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Glossary:
VA – Value Area
Liq.P – Liquidity Point
BO – Break-Out
EO – Entry Order
H1 – Hourly Time-frame
M15 – 15min Time-frame
LTF – Lower Time-frame
HTF – Higher Time-frame
Magenta horizontal Ray – Area of Interest
Magenta rectangle – Gap / Area of Significance
Green Path – Preferable PA
Orange Path – Acceptable PA
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However Positioning is prime for a selloff in the Yen pairs.
Since PA is still considered 'messy' I am waiting for a clear confirmation in form of a H1 continuation flag before setting an EO.
This setup applies to multiple Yen pairs. Patience is key, once again.
***********
Glossary:
VA – Value Area
Liq.P – Liquidity Point
BO – Break-Out
EO – Entry Order
H1 – Hourly Time-frame
M15 – 15min Time-frame
LTF – Lower Time-frame
HTF – Higher Time-frame
Magenta horizontal Ray – Area of Interest
Magenta rectangle – Gap / Area of Significance
Green Path – Preferable PA
Orange Path – Acceptable PA
***********
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