GBP/JPY _ 2nd week of Feb 2021
The price indicate strong bullish momentum from higher TF (Monthly, Weekly and Daily)
Monthly & Weekly TF = Price is currently at the resistant area and i would love to see some retracement at these TF as there is no sell/red candle forming since last Nov 2020.
Daily = The long wick + bullish candlestick rejecting the support trendline followed by two bullish candle formed after the rejection. I would love to see some retracement to recent/minor support at this TF
4H TF = my idea for buy position would be at :
a. The retracement period to the minor support/support trendline if the price rejecting the current resistant area
b. If the price break the resistant area, i would probably looking for entry position at the retest area
* its best to look for the price action before we take any position with proper RR and lot sizes. The chart is solely based on my observation from a technical perspectives. Any news or fundamental impacting the movement of market is beyond of my comprehension
Monthly & Weekly TF = Price is currently at the resistant area and i would love to see some retracement at these TF as there is no sell/red candle forming since last Nov 2020.
Daily = The long wick + bullish candlestick rejecting the support trendline followed by two bullish candle formed after the rejection. I would love to see some retracement to recent/minor support at this TF
4H TF = my idea for buy position would be at :
a. The retracement period to the minor support/support trendline if the price rejecting the current resistant area
b. If the price break the resistant area, i would probably looking for entry position at the retest area
* its best to look for the price action before we take any position with proper RR and lot sizes. The chart is solely based on my observation from a technical perspectives. Any news or fundamental impacting the movement of market is beyond of my comprehension
Trade active:
The price is currently heading towards my direction:
1. Price rejecting the key resistant area and head towards the minor support at 144.067
2. Price is currently break the minor resistant trendline structure and heading upwards
I would hold my position with SL at the previous minor support level
1. Price rejecting the key resistant area and head towards the minor support at 144.067
2. Price is currently break the minor resistant trendline structure and heading upwards
I would hold my position with SL at the previous minor support level