drgorogbalazs
Long

GBPJPY Long Opportunity

FX:GBPJPY   British Pound / Japanese Yen
GBP is showing some interesting confluences to go long potentially. Inverse H & S is starting to play out with a most recent bounce in a support zone defined by the bottom of recent mid-term bearish move and 0.618 fib of previous long bullish move.
Today it touched D point of an almost perfect short-term @886 bullish gartley + bounced nicely within this support zone: potentially forming a higher-low formation just now and sitting on 0.618 of long term support.

To go long GPB would need to break the shorter-term bearish trendline with completing the inverse H & S which might be a move confluencing with taking out the 0.236 resistance of recent mid-term bearish move at around 145.8 level. Entry can be made at 146 and reasonable target is just below 149.8 which is confluencing with the 1.272 extension of the bullish @886 gartley + 0.786 fib of previous long bullish move + would be just touching potentially the mid-term bearish trendline .

Too many confluences not to go long if this plays out. SL under 143 - below recent swing low.

Please trade carefully! Any ideas/comments are welcome!

Comment: Still below trendline. Retest of 0.236 fib (145.8 mid-term bearish move) or 0.618 (144.5 - long-term previous bullish swing) is possible. Waiting for then the short-mid-term bearish trendline to break and then good to go.
Trade active
Comment: Ascending triangle on 4 H. Broke trendline and above support. Should go up.
Comment: Finally it did not reach 149.8 and the price was not touching MA200 on daily.
Some positions were winners and then one was closed manually after MA300 was crossed.

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