This is my second analysis. So don't judge me. It is simply an Idea.
As you can see in the chart, there is a beautiful flag formation. However, it is a crucial moment.
Will the price break and go down and hit the possible flag formation target which is around 179.100 - 179.000 or the Support area will hold and send the price up again?
I am long Active Here with Take profits @ Flag And Stop Loss Quite Tight Below this candle low closing means that if next candle closes below this candle low then i am gonna get out of this Trade
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After some consolidation period the currency pair failed to go down and formed two bullish candles with longer tails. The candles are on MA line which serves as a dynamic support. I expect the trend up will be continued.
If market opens with a big gap I will not enter the trade.
This is my first idea here, If you like it please press thumb up to express your...
In August of 2014 the pair broke out to the topside. Since late December we are in what I usually call on shorter timeframe's "buyer's remorse," although, it is harder to apply that to a timeframe like this because of macroeconomic trends and unforeseen geopolitical risks. However, the British elections are getting closer to completion, which should help alleviate...
March 15th 2015 - Possible Short term Long Opportunity
Basis for going long GBP/JPY
1. Trend Line Support
2. Bullish Hidden Divergence (Price made a higher low but Stochastic made a lower low)
Profit Targets: TP1 @ 180.40 TP2 @ 181.10 TP3 @ 181.75
Stop Loss: 178
I'VE LABELED THIS CHART A, B, AND C, SO THAT MY EXPLANATION OF EACH WILL BE CLEAR. THIS CHART ANALYSIS IS BASED ON FIB RATIO (PHI) ELLIOTT WAVE ANALYSIS, RATION SEQUENCING AND CONFLUENCE, I'VE DISREGARDED SUPPORT AND RESISTANCE, AS IT'S MY BELIEF THAT SUPPORT AND RESISTANCE ARE DEPENDABLE ON RATIO CONFLUENCE.
THIS FIRST SECTION IS THE LEAST IMPORTANT SECTION...