Waiting for ETH to break the 4h trend line for a small move up then back down to complete the higher degree wave.
Will look to take a small long followed by short from the 0.0236 level down towards 0.0124.
I will wait to see how structure develops once the wave completes before taking buying at the bottom.
I think we will see more downside on GBPJPY. We still need to see the extended Y wave complete on the larger degree wave count.
Until confirmed my bias will be short and Ill be trying to catch short setups on the lowers until then. Once we see the Y wave complete we should see some good impulsive long trades.
Following the breakdown of the short term up-trend, I am expecting a continuation of the down-trend beginning with a small short trade on the 15m timeframe once correction completes. I have removed all indicators and counts from the chart.
I don't normally trade the 1H chart but this pair is increasingly getting ready to free-fall with strong downtrends on both the weekly and the daily timeframes.
Price has broken the strong weekly support, pushed back up and re-tested.
Price went on to produce a bullish engulfing candle which I have used for my entry.
Trade will trigger once price breaks the low...
Strong Bearish Engulfing Bar (BEEB) has formed on the Daily chart.
My entry was just below the BEEB to verify the trade.
Price is currently going against my trade, but I am confident we should see price turn and hit the target set at the next lower support
We have seen CAD/JPY burst through our marked support, however no clear Bullish signal was given, I would have liked to have seen a bullish engulfing bar or pin bar on any of the lower timeframes but the market came up empty.
I will now wait for price to return to resistance line (now support) and look for a fresh signal on the bounce.
Price has been winding up and currently testing a key major daily resistance level. I will not be looking to short at this level because of all the noise to the left. I would prefer to see price break higher and look to long with the breakout.