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The_Cannalyst
Sep 30, 2016 2:44 PM

Tp 119 or 138??  

British Pound/Japanese YenFXCM

Description

In my chart i show the for me most important levels - i call them action points!
The main direction is clear downwards!
We are here:

At present you can see a sideways-range in this TF, a Trading Box between ~ 128 - 140.

On the downside, we see a kind of Triple-Bottom which is not finished yet. This Bottom only can be seen as a bottom (good for a possible turnaround) with prices > the Midterm resist level @ 140-143.
Trading below that Midterm-support could initiate an ugly downwave down to the main support at 118-119.

Furthermore we can see the possible H&S which seems to be formed. The neckline is corresponding to the falling shortterm down trendline - this is an action point where a decision should be made: here you can exspect high volume and a clear deciding move.
Breaking through this action point could generate a tp at the upside at TP1: 135 (MAx TP H&S) and TP2: 138 (Box`s upper edge)

Two positions are thinkable:

long: stoppbuy with trigger = neckline, Sl = 128, TP = Box`s upperedge
short. stoppsell below 128, sl 131 tp 119


Best regards
mary


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Attention pls:

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what the f...

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Comments
-Andrew-
Taking this to the upside Mary
Najib13th
such a tricky pair :)
stenozar
Hi Mary, any update? are you going to buy above 132.30?
Thanks!
hisham101010
Hi Mary ,, is it good to sell now ??
The_Cannalyst
hi - did your read my analysis ? ;)
hisham101010
Thank you
stenozar
Ho Mary, what is your view alter this weekly closing?
The_Cannalyst
Hi - the same one i illustrated 15h before ;-)
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