Here we can see on this pair we've had a clear break of the sloping support, having a daily bearish candle closure below the trendline and just now looking like there are more bears coming into the market.
We've been in this ascending channel since December and now we're hitting monthly resistance levels and struggling to stay above them, this is also the first...
Here i've mapped out a potential scenario we can look out for on GBPJPY.
You can see on my chart i've marked the grey box at the top, we saw this pair ranging in this area for a little while before now giving us a clear break of the support and the bears coming in strongly.
The dotted line you can see is a monthly support level, which i've tightened up on the...
Can see here a clear break and retest of the monthly resistance level that i've marked up with the red dashed line.
There's also a larger overall trendline i've added to the upside which is taken from the last swing high on the daily.
Profit targets are set at the trendline but could also look to take partials and move stops to break even when we hit the first...
Short setup on Gold, for those of us like myself who unfortunately missed shorts off the trendline!
You could enter now but R:R would be poor and you'd be selling right into that little support.
Break and retest of the marked support area and you could find yourself a valid entry to short down to the trendline.
Break and retest of this resistance i'll be looking for longs after meeting my own entry criteria.
You can see the sloping resistance/trendline that was broken previously and the momentum now appears to be bullish on this pair.
Wait for an H1 break and retest of the marked area with the arrows, M30/M15 will then be used for entries.
Could enter from here however the resistance just above here gave us a bit of a bearish reaction when it touched it the last time, so for higher probability wait till it has definitely been broken.
Higher R:R entering from here but lower probability, good...
Still some potential to catch a nice little trade on this pair, this area we are at just now was my TP on a trade I set last week!
Wait for the retest of support as resistance then take an entry as suggested, of-course using your own entry criteria! Will be at least an M30 bearish engulfing for me.
If we see a close above the marked (blue) H4 resistance level I'll be looking at long positions.
Targets set at H4 and then D1 resistance levels. Will be taking 2 small positions with these targets if I see good entry criteria.
Feedback always welcome!