We have long trapped volume from yesterday bounce around the resistance line from Tuesday to collect contracts and confuse direction for traders. Today we have a nice fake break out to the high, expecting to see a drop to the 200EMA
Coming off of long volume trapped from Friday, i'm expecting some nice bounces off the 50 EMA and 200 EMA, possibly 800EMA if price wants to make a push. Overall i'll be scouting short positions, waiting for London Open.
Huge multi session double bottom still in play. Have a nice retracement to the 800EMA.
Price will most likely bounce a bit, and once we see price lift towards the 50EMA then we have a nice entry for long about 25 pips.
Price has retested and filled the gap from over the weekend. From Friday we can see trapped short sellers volume with expected rise for Monday.
Enter when price hits the High of the Day (HOD) for about 16 pips just under the HOD from Thursdays session.
On the 4HR timeframe we have a nice bearish butterfly pattern that has just formed. I'll be looking for short entries throughout the week, but expect that Monday will be a retracement, then short Tuesday-Thursday
on the 4HR timeframe USDJPY has formed a clear bat pattern now
on the lower timeframe we can see a nice potential double top forming.
IF price retraces down to the 115.000 level, there's an opportunity for a quick short scalp to yesterdays high of the day (HOD)
keep note, risk to reward isn't that great, must keep an active moving SL