An overview of what I see on the Pound / Yen chart. Having a bearish bias since it broke the 1H trendline. Since I trade trendline breakouts, hoping to see a break of trendline to the downside on the H4 / 1D timeframe. Will keep updating this chart.
Thank you for watching!
After some time of hiatus, I am back. This week I will be watching EURUSD to see if price will go how I depicted in the chart.
If it does, I will be entering a short after break & retest of the blue trendline, targeting the 61.8% of the weekly fibo.
All the best traders.
Price is retracing back to the downward trendline after it has broken. This is commonly seen after price has broken a certain structure. Looking to buy this pair up to the 61.8% retracement. TP at 0.73900 area
For those of you who are long, it's a good idea to close when it reaches the trendline as the main trend right now is bearish in the coming weeks since it has not been able to close above 148. Selling after it reaches the trendline. Price could go down all the way to 142 area. Trade with care.
In the 1Hr chart, price is trading near the bottom of the trendline. As a trendline follower (most of the time) I will look for a long in this trade unless it breaks to the downside of the trendline.