There is an RSI(5) divergence on the Daily Chart on a wedge
On the 4hr Chart there is a falling wedge, I believe price will attempt to break out of that range
I placed a buy entry at 1.17999 Level very good risk reward setup if price breaks above that level
Also not overbought or oversold
The Greed was real on this pair last week, I could only imagine novice traders attempting to get in late to the party, especially at this moment of rest, I feel there would be a retracement of some sort and slapped a fib retracement on the extension already looking to have
bounced off the .236 Level I believe it will crash through and a buy squeeze will occur....
I believe the trend is going to retrace for at least 30 pips upwards, for those coming in late on the short side. and then sell off trapping those who essentially believed in the first place the trend would continue up forcing a sell on the positions
SIDE NOTE: For a long time I've been looking at Technical Analysis as just mapping a chart, however it feels more...
Looking for a short retracement upwards creating a short squeeze for around 30 pips, Afterwards I believe it will retrace towards the Fib .618 Level for a great short sell, followed by a great long opportunity
Looking for a large sell off and short squeeze during the start of the week
Chart Is Extremely Extended
RSI(5) is High
25 Period EMA Cross Over As well
Good Buy with a 25 to 40 pip sell retracement for a good entry point
Could Be a potential massive institutional short squeeze if price reaches 1.2000
Bearish on the GBP
Bullish on the JPY
RSI is Oversold
Doji Forming, followed by a previous candle which exhibited major indecision
Week Retest of 50 Period EMA
Trending downwards towards .382 Fib Level
GBP JPY is breaching the 236 level for the first time since 2013, It is strong resistance and I believe it will be broken through, and then retested.
The Brexit situation will also add to this. Lots of consolidation around the fib level as well.
Although I do not buy and hold, the long-term view does help see things in a much larger light.
Clear Momentum Divergence on the 1hr Chart
Before I go any further I call B.S on the breakout due to weak news of "Canada Wholesale Sales MoM".
Looks like a play the day traders profited on, and the short-term players will take home their profit, the North American Markets and London markets were part of that breakout.
Sydney and the Asian markets as of now are...
Missed Entry at the 1.17357 level, which would've been a setup with less risk. Given the markets seem to be ranging no use for moving averages
Better use of momentum indicators.
RSI(5) is at a good level around 48
Chaiken Money Flow(9) creeping towards the positive level
Bullish Cup and Handle Formation was successfully completed, this trend seems to be dominated by tons of selling action. Attempted to short this feeling it was overextended, the buying pressure stopped me out within hours. Looking for buyers to sell off positions, due to human behavior I believe some buyers might want to lock in the gains. Sellers were only...