Triangle formation getting printed at the top of USDMXN, been following action price in this one. Daily candles had been respecting the triangle trendiness pretty good. Until a couple of day a daily candle broke outside the trend line and come back quickly inside the consolidation area.
If you see at lower timeframes you would be able to find several patterns...
We can see at the top of Resistence a very nice Cypher completation price has already rejected te 0.786 and 0.618. we have a bigger picture to this pair to continue to print new leg to the downside to the develop new LL of the bigger trend
Using fixed pitchfork tool to look at the structure at this pair, looking that shorts may just become possible for the GBPJPY
Right now price is at the top of the channel line leaving rejection candles, retouch of this line could happen before going doing.
This exact same area is the 0.618 fibs retracement from the last big move down.
Looking to exit shorts at...
Looking to follow price action strategy, waiting for rupture of head and shoulders would give you different entry points, respecting S/R on bigger timeframes.
Look at the updates of this trading idea for bigger picture setup