- Head & Shoulders was completed
- Price retrace back to neckline.
- Pullback' structure:
+ Simple pullback in 60m chart
+ ABC pullback in 15m chart
- In 5 m chart, there is a potential double bottoms. Wait for the pattern is completed for entry. If not, do nothing, wait for another signal.
USDJPY review and plan:
- As we can see, USDJPY is in an up channel now.
- The first target of this up move will be at 125.80 (previous high)
- The 2nd target will be at 134.00 (upper channel)
- At this time, we only know that this pair is bullish, so we will want to be a buyer.
- We have 2 ...
Normally, I will sell or buy directly when price complete an ABC move to the support or resistance level with 2 ATR stop loss. But when I opened the chart, price already move down, so here is my thought and plan:
- Clearly down trend
- Price move sharply to the down side after completed an ABC move to resistance ...
Clear short term up trend on 15m chart. ABC wave down to support level.
Enter when price hit support.
2 ATR stop loss
Profit target at previous high
Right after I go long, price continues push to the down side. But let's see how thing will happens
Look like GBPUSD is forming a falling wedge right in to support level. Consider the previous move which is a sharp move up, created a V reverse pattern.
Buy near support - 1.54110
2 ATR stop
Profit target at previous high - 1.5438
After an extreme down bar at 1 - selling climax, we have an impulsive move at 2 and an ABC wave down to the support level. It should look like a harmonic pattern also.
Buy near support level with 2 ATR stop loss. if we hit 1st target - swing point a, move stop to break-even. Our main target is the high of wave 2.