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Pricebehaviour

GBP/JPY- Trend Changing PatternMy focus this morning is on the GBPJPY, we have seen a strong reaction to the breakdown low that happened on 03 May 2024. The reaction gave us a bullish wave structure on the H1 timeframe, the concluding factor is that wave structure 4 failed to make an HH 5 (200.652). Instead of an HH 5, the price made an LH 5 in an uptrend. The price then proceeded to break structure 4, known as a trend-changing pattern. Knowing this information determined our directional bias for the GBPJPY. So far, we have seen a retracement to the LH 5 (200.652), which has now become a structural point because it made a LL. Yesterday the price formation indicated that the Sellers are slowly coming into the market above the 200.652, we saw sharp rejections twice yesterday and a trade below the 200.65 and 200.50 today will be a sell indication for us. The invalidation point is a break above the 200.95, above here selling is no longer an option for us. Think in Probability: As traders, you must be careful to align your behavior and expectations with the following principles: - Anything can happen - An EDGE is only an indication of one thing happening over another - There is a random distribution between wins and losses - You don't need to know what will happen in order to make money in trading.
Short
by Charts247TradingAcademy
7
GBPUSD Uptrend continues above 1.3150The PoundDollar is resuming its uptrend after a correction. The price has behaved as expected stopping at the 50% retracement. 15 Mins Price Behaviour: Consolidation and Breakout at 50% retracement level. We have seen the first impulse and a pause. This pause is an opportunity to Buy into the uptrend. Stop Loss is still recommended to be the Low of Yesterday. We need to see another impulse before we can use this morning correction low 15Mins as a stop. I encourage you to count the waves. Always count 4 Impulse and 3 Correctives. Trade with care.
Long
by Charts247TradingAcademy
GBPUSD more upside expected above 1.3153Market Phase: The current situation in the cable is still Up-Trend Last Action: The last significant move in the gbpusd is a Higher High created above the previous Higher high . The truth about the trending market: - A trend will continue in the same direction for as long as possible - A trend will not change easily - A move in the opposite direction of the trend is an opportunity to trade in the direction of the trend - A trend will only change after a STRUCTURAL FAILURE. Trade Approach & Execution: Price has retraced to the 37.5% of the last action , We have now seen participation at this level. Buy GBPUSD; When 1hr Candle Closes above 1.3153 Stop Loss: 1.3120 Target1: 1.34210 Fibonacci Target1{23.6%} Target2: 1.35970 Fibonacci Target2{61.8%} .................................... Trade with care.
Long
by Charts247TradingAcademy
AUDJPY SHORT UPDATEThis is a quick update on the Short Position we had on AUDJPY. Price took long to break out of the trading range below the Momentum low of 73.79. We finally had this break this morning. In order for further decline to be seen in the AUDJPY, price must remain below the momentum low and break 73.42 Low. Alternatively a break back above the 73.79 will trigger a rally back towards the 74.50. This is a continuation trade and more room is seen towards 72.40. ***We Are still Targetting 72.30***
Short
by Charts247TradingAcademy
2
GBPJPY SELL 140.43GBPJPY is currently printing another lower High, price on the daily chart has been in range for several days and we have seen a breakdown from smaller time-frames. Yesterday rally can be considered as a discount in price. First indication is 140.43 is an area of interest, this price level was sold yesterday and another failure to advance beyond this point with momentum will further increase the likelihood of a strong selloff. ENTRY SHORT: 140.43 SL: 140.80 Target1: 138.63 Target2: 135.49
Short
by Charts247TradingAcademy
USDCAD READY FOR STRONG RECOVERY We have been watching this one very closely, Canadian Dollar has been very strong in recent days even with the strong Dollar on Friday, price continued to trade lower below the Momentum low. On Friday, some positive news for USD but bad reaction in USDCAD which suggests the pattern hasn't been completed. The way to look at this is very simple, Think like a Fundamentalist, Trade like a Technician. The fundamentals are Positive towards USD, but technically we must wait for failure to make a lower low. We have seen a failure from a lower time frame, and the invitation is accepted to go long from current level. BUY @ 1.3095 SL: @1.3080 Target@ 1.3374
Long
by Charts247TradingAcademy
NZDUSD STRONG REVERSAL BELOW 0.6883The weakness in USD is clear for all to see after FOMC release on Wednesday, however, we have to spot opportunities when the market presents it. NZDUSD broke above the daily resistance 0.6883, the price action we have seen so far suggests that price is likely to reverse if it breaks below the resistance. Word of caution, Reversal does not mean a change in trend so we will break even at the earliest possible opportunity. SHORT: 0.6902 STOP LOSS: 0.6925 TARGET: 0.6827 Break even as soon as price trade below 0.6883.
Short
by Charts247TradingAcademy
USDJPY LAST CHANCE FOR THE BEARSThis pair we have been trading short term the previous 2 dontrend structure triggers, Price made a Higher low of 107.88 which in theory should propel the buyers beyond current level of 108.70. However, the behaviour we can see here is typical strong reversal for the continuation of downtrend. This completed wave is the last chance for Sellers, if price breaks above 108.98 we can fully expect more higher prices. The Downtrend Trigger is still intact, and we have not seen a Higher High that suggests the downtrend is invalidated. If that is the case the only option is to short USDJPY from 108.70. This price point represent to us the last opportunity for a valid short. SHORT: 108.70 STOP LOSS: 109.00 TARGET 1: 107.80 The outcome of Target 1 will determine the future price.
Short
by Charts247TradingAcademy