Opening Gap expected on Monday , Possible Long towards 0.382
We have butterfly formation at lows of 24april - 25 June swing , from where price has started retracement ,
Since price has been respecting descending channel and currently sits on resistance ,we want price action to invalidate descending channel pattern before we can enter long , Looking at fundamentals Trump has agreed to stay new tariffs for meantime and US -China trade deal have done some progress , which is going to weaken Yen as risk-on sentiment may prevail.
We are waiting for opening GAP on monday towards up , wherer we expect price will open above channel and move further up towards 100 % of CD leg or 0.38 retracement of swing near 109 , In case price find support @ 100% of CD , we will target 1.618 retracement of CD leg next.
Since price has been respecting descending channel and currently sits on resistance ,we want price action to invalidate descending channel pattern before we can enter long , Looking at fundamentals Trump has agreed to stay new tariffs for meantime and US -China trade deal have done some progress , which is going to weaken Yen as risk-on sentiment may prevail.
We are waiting for opening GAP on monday towards up , wherer we expect price will open above channel and move further up towards 100 % of CD leg or 0.38 retracement of swing near 109 , In case price find support @ 100% of CD , we will target 1.618 retracement of CD leg next.
Note
Trade setup is not valid till price remain inside descending channelNote
opened with gap as expected ....
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.