You can see here that GBPJPY is back along Key support. One of two things are going to happen and all we have to do is look left. Price right now is still in the sell zone (overall direction of trend) but we have a strong case to buy the market (we don't sell support and we don't buy resistance) based on past behavior. I am just going to sit here and be patient...
Noticed a Teacup setup on the overall larger Daily move as we move down to the 4H and 1H time-frame. You can see that we have a confluence of a lot of things happening in this chart (pennant, Harmonic Bat pattern, Elliott Wave, etc.) TP is at bottom of Teacup.
I usually like to trade a currency that is clearly stronger than the other but in this case, with both currencies having individual issues I am going to go with EUR as the base and GBP as the quote currency.
Trade plan is pretty straight forward with this Gartley harmonic Pattern.
Trade plan: Looking to short to 8.95277, with a SL of 8.99068. Sentiment continues to show bearish after rising price action and falling volume. Initially would like to have gotten in at peak and rode down out of area of supply while the price action was breaking the deep rally north seen on 8/13/2019.
As I said before I like Disney. The only reason they are down (as the article indicates below) is that they spent money to grow.
You can see here that current price as of today *8/13/2019, is just touching back above the upward rally line. I think that this will come back into the black.
As Warren Buffet said, "You don't buy at stock because you want the...
The POUND across the board is depressed and you see that no more than this with the dragon. You see moments of price action going against current sentiment but no matching price volume. You see moments of volume but no associated price action. I will continue to short big picture and take other opportunity as they come.
The YEN futures look like a rocket ship...
I say potential here because in order for AUD (the base) to rise above CAD (the quote), CAD has to take a back seat to oil prices and we aren't seeing that this minute. CAD futures are going to have to drop if we are looking at a shift in momentum for AUD or we will have a situation of strength v strength/weakness v weakness instead of the ideal strength vs...
Just look at BTC Futures and where we are at. We just came out of a consolidation level with a mediocre breakout and then inside of a previous level (look left). Look at associated price volume with the price action. Look at the biggest levels of volume compared to the price action. They don't match. This is pure market manipulation. We have to learn to see...
Take a look at associated price action and volume. Everything is off. If you know anything about trading you know that this is an anomaly.
1. The Law Of Supply & Demand.
2. The Law Of Effort versus Results.
3. The Law of Cause & Effect.
This is a pretty easy one to get in on and make some quick money. Previous lows and highs tested and market has shown that the impulse move up (TRAP) is short lived by weakness and falling volume.
152+ PIP opportunity here if conditions are met with price passing and checking current support. Look left!