GBPJPYGBPJPY has been falling for several days now, taking out every level of support as it goes. We have seen what may be perceived as an order block by some people form in the daily/four him time frame. With that being said we can look for a pullback towards one of our retracement levels before the pair continues pushing down to fib extension levels.
Students in our mentorship programme have been given a full break down of this pair alongside a strategy to trade it with. This strategy includes many different tools to break down the pair and a list of confirmations to be looking out for when entering the trade. Remember trading is reactive, not predictive.
Aidanfucile
GBPNZDAs published by my self on September 4th this pair had retraced to our 61.8 fib with a clear rejection of this level. Price then continued to push down taking out previous lows to eventually reach our target zones at the -27 and -61.8 fib extension levels. Those that are part of our private educational group capitalised massively on this particular set up.
GBPJPYAs explained yesterday if we saw GBPJPY push down and break the swing low to the left we would be looking to short. We have now seen that break and retest on this pair for price to potentially fall further and reach one of the target areas we highlighted earlier (138.000/139.000). We must always remember trading is reactive, not predictive. Meaning we do not enter impulse trades because something looks good, we must wait for the correct confirmations before pulling the trigger.
GBPJPYGBPJPY has made a full retracement through all of our Fibonacci zones back down to the previous swing low, it may be just be retesting previous "resistance" gone "support". However, if we see the pair take out this low that is a break in the bullish market structure and we could see it push down further possibly to levels around 138.000/139.000.
GBPNZD GBPNZD GBP NZDOn GBPNZD we have seen a retracement to the 61.8 fib in this overall bearish trend. We can also see that the we are retesting the August open which sits nicely with our 61.8 fib. If we see a strong close below the August open we will most certainly be looking to open a short position down to our -27/61.8 fib extension levels that correlate nicely with previous swing lows.
GBPJPY GBP/JPY GBP JPYGBPJPY looks to be retracing to our 61.8 Fibonacci there about. potentially filling the wick to the left to then push upwards to our next target area (a swing high). If it continues to push down through our fib levels, we may see it retest the previous swing low at 100 making a full retracement. Of course if it pushes through this low we are seeing a break in market structure to potentially go short.
GBPUSD GBP/USD GBP USDGBPUSD has broken through our yearly open price and pushed up to 2019 yearly high. It looks to be turning over short, potentially to retest resistance turn support and continue moving up. However, we must remain patient as price can just as easily break back through to the downside and continue pushing down after testing 2019 high.
GBPJPY GBP/JPY GBP JPYMy update on GBPJPY, as the pair has been ranging for the past day or two it has been slowly creeping upwards and has taken out the "tweezer top" that formed on the 13th of August. As this has been happening my daily bias has been edging towards a long position, if we see a clean close in the four-hour chart above said: "tweezer top" that will be my confirmation to buy. However, I am still looking out for a reversal formation as we need to be reactive, not predictive.
GHFJPYIn CHFJPY we have seen a break and potential retest of the trendline marked out. It then looks to have formed a "double bottom" and pushed back up to the "neckline". Will price break or reverse? I will be looking for a clean reversal from this level and them looking to short. However, if we see a clean break and retest i will be looking to enter a long position.