Market Above Previous all time highs , responded to rumours of rate drop and has not gone down any , market at potential situational boundry and therefore unlikely to respond violently on new dovish news and or potentially returning back towards the previous FOMC area . Market jumped 3000 and rejected .. potential entry.
Last weeks NFP number was expected to be better by institutional entities due to the fact that the people graduating from school will add to the workforce , also the rate cut is still likely to happen and we are currently at the same level as we where at the last interest rate decision from the fed and the slightly below the ECB interest rate decision level ,...
Waiting for the USD/JPY to break the highs and test the skipped top bottom pattern way on the left .
When this pair breaks the highs then it will be diverging on the H4 and therefore give a valid sell signal .
I have tried selling this before but got sucked into wishfull thinking so don`t expect to much from this.
The target is still the same as my previous...
Looks nice .. stop can be placed IMO worth the try .. but in trading nothing is certain though ..
Trade near the point where Divergence becomes higher high ( Invalidation point)
Targets based on top bottom structure also near the round number again
VERY SPECULATIVE : USD/JPY is showing some OSMA bearish divergence into a new high within the current rally.
The targets are based on a potential pattern that could be forming right now ( M pattern) and the stops are based on some old highs.
This is an incomplete setup and things may change over time invalidating the current view.
I would also like to point...
The Overvalued stock market is starting to show in my opinion some good looking divergence above the previous all time highs .
A logical place of interest to me would be 2500 but markets can always continue higher and choose a different level.
Potential buy daily from support resistance area . Stops below the low as price can overshoot the area , potential odds enhancer here would be tht the previous day did not break the bull bars low which implies short term lack of bearish momentum.