We see a strong breakout and retest of daily time frame which gave birth to the structure head and shoulder at H4, we expect to see the continuation signals to joining the bearish move to the downside. Our entry setup would be from H1 if we see the Bearish move begin
U/J H4, forms the ABCD Harmonic price pattern which AB= 0.61 BC(ex)= 1.67 giving us an expectation of price falling down to around a CD = 0.61
Finding a good entry around the current price is our objective now, to help us keep a good RRR with SL far beyond 100pips to avoid being thrown out before the move begins.
USDJPY D1 has been on a continuous downtrend. 105.000 strong weekly support was broken and now retested, forming a continuation pattern with signs of week buyers and RSI overbought. With 105.330 as our stop loss, we can scale down to smaller time frame and find our entries using a good RRR to drive price down to the support zone of the ascending channel
GBPJPY H4, Break and retest at key level 0.61, finding good risk-reward ratio and also minding the faking of sellers. Seeing more confirmations from RSI and also candle patterns to find confluence
USDCAD D1,Shows rejection of 1.6660 support zone giving signal for a double button formation with a strong bullish candle followed by a weak bearish. ON H4 and H1 we see the strong bullish presence followed by a Fibonacci retracement of 0.50 / 0.61 zone expecting to see a rejection candle to give us a reason to jump in . RRR= 1:2 , SL = 80pips Risk = 0.5%
With the WTI price rising and the oversold possibility of this pair in confluence with 0.61 fib retracement, I expect to see a reversal candle from H1 at any of the support levels marked, and then I will trade long and hold till the end of the week. Let me know what you think.
