Hi guys, i've been watching this pair for quite a while, price has finally reached the daily structure i wanted to. Here we have two harmonic patterns already completed (Bat and Gartley) and price has formed a nice double bottom with RSI divergence. The first way you can trade it is by buying right now, with stops below the lows and targets at a minimum 1,25:1 RR. The second way is by waiting to see a break of the trendline, that would also mean a break of the double bottom to the upside (and then a 2618 strategy), and buying at the first retracement. That second way would be safer but you can also miss this trade. Now it's up to you.
If you want to share your view, comment beneath. Otherwise, see you in the next chart!
Thank you for your chart.
I have an additional question to you if you can answer me.
I found you're using EMA144 & EMA169.
How do you think these "EMA" pair on which chart are most helpful? 60m, 240m or 1d or others?
Thank you so much!
Roker1
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Hey @allenbaby, actually i was just testing them, they could be used sometimes as alternative support/resistance zones, i've been trying them on the daily and 4hr chart, but they should work also in other timeframes. Thanks for your comment, keep passing by!
Glendoonie
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I was selling earlier today; GBP/JPY had tested my lower trend line several times in Mar/Apr. So now my trendline and the little flat bottom have intersedted and I was expecting it to violate MY trendline and the flat bottom extension? I thought it umlikely, but what do I know? So I'm in for a small buy with a speedy exit.
Roker1
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Hey @Glendooie, please do not trade just based off of my ideas, test and use your own strategy, if i think something it doesn't mean it has to happen. Be careful! Have a nice weekend!
Glendoonie
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@Roker1, If the ideas are expressed well I tend tobe influenced by them. Otherwise I would be working with no ideas and no idea how I should work with the information on the chart that is always new to me. Thank you for your input :-)
I have an additional question to you if you can answer me.
I found you're using EMA144 & EMA169.
How do you think these "EMA" pair on which chart are most helpful? 60m, 240m or 1d or others?
Thank you so much!