GBPJPY Triangular Contraction Downward April 14, 2017, Friday
Observation:
Bears in control.
No sign of bulls in the chart.
Price turns away from testing the dynamic resistance.
Price broke previous low level.
Price broke both Small Triangular Contraction Downward and Large Triangular Contraction.
Analysis:
Price drops down to next support area level @ 133
Conclusion:
Short with tight stop loss at previous lower high @ 137.15 & observe price movement as it approach support area.
Bears in control.
No sign of bulls in the chart.
Price turns away from testing the dynamic resistance.
Price broke previous low level.
Price broke both Small Triangular Contraction Downward and Large Triangular Contraction.
Analysis:
Price drops down to next support area level @ 133
Conclusion:
Short with tight stop loss at previous lower high @ 137.15 & observe price movement as it approach support area.
Comment:
Lesson learned:
Always place your confidence on longer timeframe rather than shorter timeframe.
Price respect the long downward channel and used it as its support to shoot upward.
Always place your confidence on longer timeframe rather than shorter timeframe.
Price respect the long downward channel and used it as its support to shoot upward.
Comment:
Price reach resistance level and may respect it and bounce around 144.33
Wait for a strong drop.
Dynamic support of Triangular Expansion now becomes dynamic resistance.