GJ Bearish - H4 Continuation of Downtrend
GJ has been a downtrend on the Daily TF for a while now.
The market has been on a strong retracement to the upside on the H4 TF.
After pulling out my fibs I see price is currently at 61.8%.
Scrolling down to the M30 TF I see that the market has found a level of support that I believe will be broken.
After pulling out fibs from the HH to the L on the M30 I see price is now at 61.8 and has engulfed the M30.
This is enough for me to get into this sell because the risk to reward is too strong for me not to enter now.
The risk is only 30 pips where if price does decide to continue to make a new H on the M30 and close I will only be lossing out on 30 pips.
But if I am right the lowest target for my TP is 350 Pips and the highest being 1200 Pips.
I will take that risk with no issue. :) https://www.fxpronow.com
The market has been on a strong retracement to the upside on the H4 TF.
After pulling out my fibs I see price is currently at 61.8%.
Scrolling down to the M30 TF I see that the market has found a level of support that I believe will be broken.
After pulling out fibs from the HH to the L on the M30 I see price is now at 61.8 and has engulfed the M30.
This is enough for me to get into this sell because the risk to reward is too strong for me not to enter now.
The risk is only 30 pips where if price does decide to continue to make a new H on the M30 and close I will only be lossing out on 30 pips.
But if I am right the lowest target for my TP is 350 Pips and the highest being 1200 Pips.
I will take that risk with no issue. :) https://www.fxpronow.com
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And the Break has occurred! :)Trade active
Price has broken structure on the M30.
Waiting for the full retrace to 38.2 to 61.8 and then a bearish engulfing candle on that M30
Strike!
First TP around 142.3
Next 140.777
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Alright, so now we have the retracement that we needed to 38.2% on the M30.
We then see a bearish engulfing variation, meaning a multitude of bearish candles engulfing 1 bullish candle.
Lets hope it only needs to push to 38.2 and continue.
GJ is notorious to retrace to at least 61.8.
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That was the M30
This is the M15
You see more details.
And see that M15 candle BREAK the last Low close under the last Low
Now that we see the FULL Break I will wait for some type of retest and the engulfing on the M15 pref the M30 and STRIKE!
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There it goes!!! :)
TP 140.777 - 300 Pips to go!
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Once this level of support is cleared, its a wrap.
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We now see a descending triangle. I am sure during London we will see this break and price to plummet.
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