GBPJPY Trade Analysis by Wave FX Academy (DETAILED)
Hi Traders, here is my analysis for GBPJPY
Monthly Downtrend (market created double bottom and currently pushing higher.
Weekly downtrend ( market within a corrective WXY pattern. We have completed X and looking to complete the Y wave lower. Target yearly lows.)
Daily Market is also in a downtrend, though we’ve been seeing the pound on a rally since mid June. Should price close above 140.00 it would confirm an active counter trend on the daily chart and i'd be looking for continued longs. Ideally i would be anticipating the bears too re take control as the market structure is possibly forming a bearish triangle.
I've labeled the areas based on what I will be anticipating.
Like and Comment your thoughts . All feedbacks are welcomed.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Monthly Downtrend (market created double bottom and currently pushing higher.
Weekly downtrend ( market within a corrective WXY pattern. We have completed X and looking to complete the Y wave lower. Target yearly lows.)
Daily Market is also in a downtrend, though we’ve been seeing the pound on a rally since mid June. Should price close above 140.00 it would confirm an active counter trend on the daily chart and i'd be looking for continued longs. Ideally i would be anticipating the bears too re take control as the market structure is possibly forming a bearish triangle.
I've labeled the areas based on what I will be anticipating.
Like and Comment your thoughts . All feedbacks are welcomed.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Trade closed: target reached