GBPJPY 4HR Weekly Projection - Which way will we Breakout?!
Hey guys,
GJ is still consolidating and is just accumulating liquidity right now. It is creating some sort of 'Flag', but as you can see, its also consistently hitting each fib as its creating the Higher Lows in that 'flag'.
All it is doing now is just enticing everyone to take either buys or sells before it breaks out.
The 2 options plotted are just my 2 main projections for the time being, and if it doesn't react that way I will OfCourse, readjust and reanalyze my views because remember - we are not fortune tellers, we just react TO price action and not predict it :)
Option 1 - Price may come up and remove all bearish liquidity from all the Support and Resistance Traders that have sold from there (nothing wrong with that) and also fill that imbalance in price. Don't forget that the Overall Higher Timeframe Fib is there so it will hit that too. There is so many confluences for price to fulfill if it breaks out bullish, but also don't forget, it doesn't NEED to do that straight away it can breakout bearish and then come back for the fib, imbalance and liquidity later on.
Option 2 - If price breaks out bearish it will remove all the buyers who bought at the fibs and the prior lows.
I personally think that the most efficient and cost-effective route for price to take is to go bullish and THEN drop. But again, I can't make that decision because as we know - the market can and will do what it wants, all we can do is project our analysis and try to put ourselves in the best position possible for the outcome.
And most importantly, don't worry if you are wrong or you are not comfortable enough to take a trade.
If you are not 110% confident in your analysis and trade - DO NOT take it.
Don't worry about FOMO, don't worry about 'What if price goes without me ' or 'What if it hits my TP without me?' Who cares!?
Once you can shake these thoughts and feelings, you will truly see a drastic improvement in your trading consistency.
The MOST important thing is your confidence and protecting your capital. :)
GJ is still consolidating and is just accumulating liquidity right now. It is creating some sort of 'Flag', but as you can see, its also consistently hitting each fib as its creating the Higher Lows in that 'flag'.
All it is doing now is just enticing everyone to take either buys or sells before it breaks out.
The 2 options plotted are just my 2 main projections for the time being, and if it doesn't react that way I will OfCourse, readjust and reanalyze my views because remember - we are not fortune tellers, we just react TO price action and not predict it :)
Option 1 - Price may come up and remove all bearish liquidity from all the Support and Resistance Traders that have sold from there (nothing wrong with that) and also fill that imbalance in price. Don't forget that the Overall Higher Timeframe Fib is there so it will hit that too. There is so many confluences for price to fulfill if it breaks out bullish, but also don't forget, it doesn't NEED to do that straight away it can breakout bearish and then come back for the fib, imbalance and liquidity later on.
Option 2 - If price breaks out bearish it will remove all the buyers who bought at the fibs and the prior lows.
I personally think that the most efficient and cost-effective route for price to take is to go bullish and THEN drop. But again, I can't make that decision because as we know - the market can and will do what it wants, all we can do is project our analysis and try to put ourselves in the best position possible for the outcome.
And most importantly, don't worry if you are wrong or you are not comfortable enough to take a trade.
If you are not 110% confident in your analysis and trade - DO NOT take it.
Don't worry about FOMO, don't worry about 'What if price goes without me ' or 'What if it hits my TP without me?' Who cares!?
Once you can shake these thoughts and feelings, you will truly see a drastic improvement in your trading consistency.
The MOST important thing is your confidence and protecting your capital. :)