Here I have an idea for a possible short on GBPJPY.
Huge rejection from the downwards trend line and the 50% retracement level.
Two targets at two zones identified on the chart.
- Currently at the 38% fib rtetracement with some divergance showing.
- Lower TF also showing the same divergance at this level.
- Ever since break below this price range, we've been unable to see a break above which indicates a new resistance level .
- Expecting the price to now drop with three possible targets.
Entry within the red zone on the...
Possible short term buy position with two targets
- Currently showing overbought
- Extension from 120 - 121 is hitting the 127% zone
- Expecting retracement to 121.19 @ 38% zone
- Extension from 120.16 - 121.84 is showing a rough target area
TP1: 121.699 (48)
TP2: 122.300 (109)
SL : 121.078 (13)
- Overbought on both indicators at the 127% - 141% extension from previous swing low --> high
- Fib extension from 1680 (LOW) to 2003 (HIGH) = Current price range @ 121% - 141% (OVERBOUGHT)
- Fib retracement from 1680 (LOW) - 2153 (RECENT SWING HIGH)
- Gives a estimate entry @ 38% fib.
- price may retest upper resistance
- conformation —> sell
- price break upwards trend line
Anyone got another idea? Feel free to comment and let me know. Any advice would be greatly appreciated.
Short term sell when price breaks upwards triangle.
- Enter long at blue support
My trades active, I set a buy limit just above this zone. Price dropped and hit my entry price. See how this plays out hopefully it will keep climbing.
Very new to trading - been doing some research and trying to learn what i can with the free time i have.
Got any tips for my ideas, i know they might be wrong but some advice would be appreciated.