Beautiful set up. I will only enter once price breaks support AND retests area.
Anything could happen but by the overall higher timeframe it looks like it's bullish. It's broken the smaller timeframe downtrend and looks to be forming a W formation. I believe i got in too soon but I feel comfortable with the risk I am taking. If it plays out we are looking at around 150 - 400 pips. This will be a swing trade along with partial take profits...
My prediction. Still in the mastering process, but if my analysis is correct this is what we should be expecting. I'm publishing to reference as I develop a better understanding for this strategy.
My bias is bullish due to the following factors. -Overall GBPJPY has been bullish for weeks/ months. -Reaching an extremely strong support. -Also about to reach the macro uptrend support. I'll enter according to price action and candle stick reversal patterns on the 15m later tonight if not tomorrow NY session. (I don't use indicators.)
W formation on macro analysis. Looking for a 600+ pip move as price of Gold increases.
the uptrend for GBPUSD has been exhausted and price is now in a range. looking for a break short to enter in some sells.
News might cause the dollar to lose value. From the analysis I made dollar did break to the low of the monthly uptrend. I can also assume value will depreciate due to the 2 Trillion dollar pandemic assistance in the U.S. There's no way the dollar will increase in value after so much inflation. If it does then I have to reevaluate everything I've learned about...
Reverse head and shoulders on the hour 4
Reverse head and shoulders looks to be forming on the HOUR 4 chart along with the bounce off the daily uptrend. I'll also add that the U.S. Dollar did break the triangle formation to the upside inducing buyers and tomorrow's news events will be the short on DXY. So I am currently basing my analysis more probable only if this reverse head and shoulders forms on...
Broke high runnin it up to the high of the uptrend currently up 70 pips
Buys buys buysss Simply used the retest at new support with my fib tool and followed the uptrend as my confluences for my entry. Stress free trade, zero drawdown, minimal risk, looking at a 1:4 RR. Happy trading.
If we get price to break 1720.000 I can see a possible 180 pip trade opportunity.