GBPJPY on the 4h chart reached the weekly resistance at a confluence point.
After an attempt to break above the price moved back below and is currently testing the resistance area
I can see how after the last impulse the price has tested the 0.618 the 0.5 and the 0.382 Fibonacci levels.
How can i approach this scenario?
I will wait during eu session for a break of the resistance and in that case, i will move on the lower timeframe to spot and entry point for a long order according to the Plancton's academy rules.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
After an attempt to break above the price moved back below and is currently testing the resistance area
I can see how after the last impulse the price has tested the 0.618 the 0.5 and the 0.382 Fibonacci levels.
How can i approach this scenario?
I will wait during eu session for a break of the resistance and in that case, i will move on the lower timeframe to spot and entry point for a long order according to the Plancton's academy rules.
----
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Comment:
the price is struggling to brek above, we will check for a break on the next week
Comment:
break and bullish continuation, as expcted
Comment:
consolidation at the top
