GBPJPY Buy Idea with price point matching multiple confluences.
Market has broken previous highs and has shown strong bullish power. If Yen plays it's safe haven bid, could see much higher prices on the HTF.
Trendline Tap + Fibonacci Critical Level + Pattern Completion Potential. Recent Highs get taken out.
Bullish Strength has entered the market once again, would be expecting a form of correction before market makes another decision
Main downwards channel has been broken which indicates a shift in market dynamics from sellers to buyers. Waiting for price to react at the fibo critical level. If cleanly broken, fibo reversal level 1 matches HTF downwards trend line 4th touch.
Market could retest deeper down for a liquidity grab before headed up. Bear Trap potentially happen with strong candle break out of ascending trend line before headed up. AOI matches Overall bullish trend critical level + Smaller bullish trendline M Pattern fibo reversal. CoT Report : Net longs increased. Monday was a holiday. Tuesdays could potentially set the...
Main Fibonacci and counter fibonacci levels match up = 78.6% AOI matches -27% TP on the counter. AOI within recently formed RTO.
RTO Formation and a rejection off a strong supply zone. Market has broken the ascending trend line signalling a shift in market dynamics from buyers to sellers. Higher time frame possible retest before going down as the main move of the week. Entry level as indicated on the Fibo 61.8% matching the RTO. Take profit 1 and 2 levels based on previous structure and...
1. Trendline Pattern completion 2. Highs have to be taken out if pattern is respected 3. Fibonacci Critical Level is respected 4. Supply & Demand Zones for additional confluence
Harmonic Pattern Wave in play which matches fibonacci critical level and a 3rd trend line tap on the H1. Area of entry also matches demand zone of the RBR.
EURUSD has broken its descending trendline. If Monday candle closes bearish, could bring momentum down to area of interest for BUYS. This AOI is reflected on the Fibonacci and the retest of the broken trendline. Possible RTO formation.
Market has broken an upwards channel, awaiting strong daily bearish close before confirming proper sell bias. Trade idea would be to sell at the potential right shoulder formation. However, the issue is if the right shoulder would be textbook or Quasimodo.
Two trade ideas: 1. Market is currently in a consolidation. The smart thing to do is to wait for a breakout of the consolidation before taking a trade. Yesterday's bullish move was strong which hopefully allow GBPJPY to have a bullish break up. If the daily today closes strongly above the indicated resistance (fibo crit level), it has broken the consolidation...
My final prediction for market to end is at the fibo reversal level which happens to match a structural high. Price has changed its bias to buys at this moment as key structural breaks are indicators of trend reversals.
Using newly learned theories to practical use. Seeing a form of wave pattern here which matches the fibo and trendline tap. Putting a buy, will see how this goes.
White Fibo - Draw from High to Low. Following the main recent down trend. Blue Fibo - Draw from Low to High. Following the recent correction of the down side move. Market is now consolidating. Will be looking for (1) Break to the upside, taking liquidity, before moving down (as shown in chart). OR (2) Price rejects from 61.8% and goes down. My overall sentiment...