GBPJPY Long (~2500 pips) & Possibly Reversal Zone
Appears to had formed a bull flag, rejecting off the 3rd push down. Highlighted Entry points. Pushing up, and broken above the flag.
Bulls entering market and controlling price movement/direction shown by the bullish candles. Uptrending line formed.
3 impulsive pushes up.
Currently broke 2 trendlines shown above.
Strong Resistance Above, approx 200 pips away.
This seems like a good BUY until we get to resistance area, which could be a good target zone to take profits and wait for a strong signal to SHORT. You're free to take full profits or partial profits. We may break above and continue travelling up, or we not. It's up to you if you wish to hold it through, however the probability of a reversal seems higher. Also take into consideration that we are still in a larger consolidation/Trading Range, hence Shorting at the top of a trading range is a good approach.
The Flag indicates a higher probability that this move up now might be the final run up before a reversal.
Bulls entering market and controlling price movement/direction shown by the bullish candles. Uptrending line formed.
3 impulsive pushes up.
Currently broke 2 trendlines shown above.
Strong Resistance Above, approx 200 pips away.
This seems like a good BUY until we get to resistance area, which could be a good target zone to take profits and wait for a strong signal to SHORT. You're free to take full profits or partial profits. We may break above and continue travelling up, or we not. It's up to you if you wish to hold it through, however the probability of a reversal seems higher. Also take into consideration that we are still in a larger consolidation/Trading Range, hence Shorting at the top of a trading range is a good approach.
The Flag indicates a higher probability that this move up now might be the final run up before a reversal.
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5 minutes - good signs so far.
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1 Hour:
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4 hour: Impulsed up and away from my moving average. Came down to test and bounced/rejecting off of it with nice looking bullish bars. Coincides with uptrend lines.
Beginning to form stair step like pattern above the moving average. Would love to see higher highs and higher lows.
Beginning to form stair step like pattern above the moving average. Would love to see higher highs and higher lows.
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I like that it stayed above these horizontal lines and closed strongly above the zone and uptrend line.
Also formed ABC corrective followed by strong bull movement.
Also formed ABC corrective followed by strong bull movement.
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Looking for a C leg end
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ABC correction
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We could also see this as an alternative
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So either we continue up or come down for a correction now to test and most likely re-test the triangle.
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/wedge/flag.
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We're in a zone for a correction if we are to go through the Alternative form in the above post. Looks like momentum up has slowed. We MAY have another test in this area again or just come falling down.
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30 min: Also want to see price break below this red trendline
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Looks like it might go for another test up. If the bulls kick in now, we are creating a new uptrend line also. The test will be up here to see if bears will take over or bulls.
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Quick Summary:
4Hour - 1 hour
We are trying to see if price will continue up in an impulsive fashion
OR
Will it correct here, end up testing the other side of the FLAG and then continue up.
Indicated by the two red arrow lines shown.
4Hour - 1 hour
We are trying to see if price will continue up in an impulsive fashion
OR
Will it correct here, end up testing the other side of the FLAG and then continue up.
Indicated by the two red arrow lines shown.
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Rearranged Waves - we could get something like this.
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So far rejecting, looking for follow through and break of trendline
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That uptrend line holding strong.
www.tradingview.com/x/CNVih9fv/
www.tradingview.com/x/CNVih9fv/
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