GBPJPY - H1 - Cup of tea sir?
Updated
This is not a pair or pattern I currently trade, but after I saw the rounded cup shape I ended up playing around with the chart and set about looking for the next potential area of interest if you trade the GBPJPY.
There could be an interesting zone for a selling opportunity here in the blue zone with a potential ABCD equal measured move completion, some Fib inversion/extension confluence in the area and we also have the 143.00 and 143.50 psychological levels in there as well. Perhaps one to keep an eye out for?
There could be an interesting zone for a selling opportunity here in the blue zone with a potential ABCD equal measured move completion, some Fib inversion/extension confluence in the area and we also have the 143.00 and 143.50 psychological levels in there as well. Perhaps one to keep an eye out for?
Note
Looks like we bounced right off the 1.27 extension and are making our way down towards the 142 even handle and maybe even lower. Currently backtesting this pair and will hopefully be trading it live by the end of the year.
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