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Ily14
Sep 16, 2022 12:31 PM

GJ short Short

British Pound/Japanese YenFXCM

Description

Monthly; bullish trend
Weekly ; there is a candle that filled the previous candle’s wick so I was expecting price to get rejected from the monthly S/R zone and reverse, currently is stuck in a consolidation

On the daily there was a rejection forming a shooting start candle indicating a reversal may happen, price also broke previous swing.

On the 4h; there is a spinning top candle followed with a bearish engulfing
My confluences for a trade;
4h
Breaking previous HL
Below emas
A heavy bearish momentum breaking the S/R zone
The monthly/weekly long wick candles indicating loss of bullish momentum and a high probability of price reversing.

Trade closed: target reached

Comments
JoeChampion
Do you think JPY will recover?
Ily14
@JoeChampion I would say maybe, based on the monthly candles there might be a probability of the GBP dropping down and JPY rising, also from Elliot wave perspective the 5 impulsive waves are done that means we’re looking for a correction to happen.
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