The GBPJPY has been in a Rising Channel since October. Rising Channels tend to break to the downside. Today we finally got a break & Close out of the Channel on the 4hr Chart. This would be a longer term trade. Stop is 1 ATR above Breakdown Bar. Target is the measured move of the Channel (yellow line).
this was a potential opportunity that I had on my radar yesterday, unfortunately the markets decided to do absolutely nothing but go sideways creating a channel. If we breakout of this channel to the upside I'll be looking at a third harmonic move setting up a potential selling opportunity as we come into previous structure resistance starting at the 187.40's...
Time is ripe for this upward correction to end as we have a bearish AB=CD pattern formed. A breakdown of the 184.49 support can be taken as the short trigger. In that case, the target should be the major swing low at 180.69 and the stop loss level should be whatever high the bulls make prior to the breakdown.
Good luck,
Ali Sharif Azadeh, CFTe
On FX:GBPJPY , as you look at 4H chart, it is clear that the market moves sideways. There is no direction bias. The price is going close to 17th September High, where the price bounce is expected. The big institutional order mostly placed on key zones, so why not follow big guys?!
There is a valid bat pattern, which gives the signal where to go short. Also, we...
FX:GBPJPY
Bearish Bat and Gartley Pattern issues :
Point B forged between the 50% and the 61.8%...
Bat pattern point B 38.2% - 50%
Gartley pattern point B 61.8% - can't touch the 78.6%
Point C both valid...
Point D for Bat pattern @ 88.6% XA - incompleted
Point D for Gartley @ 127% ext AB or 78.6% XA - completed
Targets for both:
tp1 @ 38.2% AD
tp2 @ 61.8%...
Technical analysis:
•50 EMA rejection
•200 EMA rejection
•61.8% retracement rejection
•Rejection of Key Horizontal Support/Resistance line @ 185.000
•Down-trending Market
•Deceleration present
•Tweezer Tops candle pattern
•GBP/USD and SPX500 are both showing bearish momentum
(weakness in the SPX500 often means strength in the Yen as a safe haven)
Negative...
Strong resistance at 184.000, pinbar candlestick. Should drop to at least 181.247 where there is hesitation and where it probably will go up and retest resistance at 184.000 level again.
Hi All, I wanted to share this with you, we have setting up here a potential Cypher and Bat Pattern. I wouldnt normally post a pattern that hasn't completed its C leg But in noticing this Cypher I thought to also keep an eye open for this BAT. All Cypher Details in Blue, Bat details in Pink.
Blue Line Entry for Cypher which is 78.6% Retrace from X to C Leg if...
FX:GBPJPY
BEARISH GARTLEY almost complete, if not completed already at resistance...
Point B:
61.8% can not touch 78.6% XA
Point C:
38.2% to 88.6% AB
Point D: (eventual SELL option)
78.6% XA
127% ext AB
Targets:
TP1 38.2% AD
TP2 61.8% AD
Short @D
Safe trades;
GBP/JPY IS APPROACHING SIGNIFICANT RESISTANCE AT 194.59, OFFERING A LOW RISK SHORT TRADE AS A DOUBLE TOP MAY POTENTIALLY FORM.
PRICE ACTION PREVIOUSLY SUGGESTED THE 194.59 LEVEL WAS PROTECTED BY SELLERS, A REJECTION OF R1 AGAIN EXPOSES THE DOWNSIDE OF 190.97 (S1) - A BREAK OF THE SHORT TERM TRENDLINE THAT HAS FORMED WOULD ADD EXTRA CONFIRMATION OF FURTHER...
Short Entry @ 191.640
StopLoss @ 192.220
Take Profit @ 189.770
Broken Daily support over bought have had a double top in the past couple days which ran right back into the support turned resistance marked by the pink line.
Fundamentally the Yen has gained some strength and it is being shown a little bit across the board.
Technically we can see a lot of...
