GBPJPY on the daily chart is trading between 2 weekly structures.
The price after the last test of the upper one created a perfect retracement to the 0.5 Fibonacci level with a spike to the 0.618 golden ratio.
How can we approach this scenario?
Currently the market is trading below a descending trendline and according to Plancton's strategy IF the market will break above and satisfy the Plancton Academy rules we will set a nice long order.
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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.
The price after the last test of the upper one created a perfect retracement to the 0.5 Fibonacci level with a spike to the 0.618 golden ratio.
How can we approach this scenario?
Currently the market is trading below a descending trendline and according to Plancton's strategy IF the market will break above and satisfy the Plancton Academy rules we will set a nice long order.
----
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 didnt break above yet, our basics are not confirmed yet