for those who missed the earlier short on 4hr TF. there might be possibility of shorting on 1hr TF. we have bearish 61.8 gartley that confluences with 1hr bearish crown.
GBPJPY HAS BROKEN THE MINOR TREND AND HAS ALSO TAKEN OUT THE NOVEMBER 2010 HIGH.
IF THIS UPTHRUST CONTINUE,NEXT AREA TO WACHOUT FOR A POSSIBLE SELL IS 135.07-136.05,IT HAS CONFLUENCE OF CLUSTERS I.E AB=CD,786 GARTLEY,1.272 BUTTERFLY ALL AT THE LONGTERM TREND LINE/618 RETRACEMENT OF.AUGUST 2009 HIGH.
FOR A BUY,WE ARE WAITING FOR A RETEST OF THE BROKEN TREND LINE OR 618 OF THE CD LEG COMING INTO THE 382 OF THE ENTIRE MOVE ABCD ON THE CONDITION THAT THE MINOR UPTREND LINE IS NOT VIOLATED OTHERWISE , IF THAT FAILS ,THEN GJPY WILL RETURN BACK TO THE OLD PRICE ZONE WHICH IS THE ZONE OF 618-786.
FOR BUY ,USE THE 4HRS FOR TRIGGER.I WILL CONTINUE TO UPDATE THIS VERY PAIR AS THE MARKET UNFOLD NEXT WEEK. http://www.screencast.com/users/chri...7-4946a5d397ca
NICE OUTLOOK ON USDJPY,WILL THE DOLLAR BE ABLE TO SUBSTAIN THIS UPMOVE? IT HAS BROKEN OUT OF THE MINOR TRIANGLE BUT STILL VERY BEARISH ON THE LONGERTERM OUTLOOK.
FROM THE WEEKLY TIMEFRAME, IS UNDERGOING CONSOLIDATION BUT WITH THE CLOSED OF THE WEEKLY BULLISH CANDLE WHICH ALSO CONFIRMED THE WEEK BEFORE HAMMER CANDLE,I WOULD SAY USDJPY IS READY FOR TEST OF DECEMBER HIGH 84.48. BUT BEFORE THAT LEVEL IT NEEDS TO TAKE OUT THE JANUARY HIGH WHICH IS COMES INTO THE ZONE OF AB=CD AND 786 FIB LEVEL AT 83.83.
THEN FROM 4HRS CHART,THERE IS MINOR DOUBLE TOP FORMING AND THIS COULD GIVE US SOME PULL BACK TO ONE OF THE SPOTTED SK LEVEL FOR A GOOD BUY ON THE CONDITION THAT THE TRENDLINE REMAINS ACTIVE.IF THE THIS TRENDLINE FAILS ,I WILL SELL 1HRS TRIGGER WITH QUICK PROFIT TARGET. http://www.screencast.com/users/chri...1-b5557cec22cf
[Gbpjpy moving in the right direction with close stop due to clusters ahead.
Chfjpy is another trade we entered yesterday using 6om trigger.hoping to ride it for the rest of the week.
price is trading inside a triangle. now back at triangle base with keylevel and psychological number as confluence. looking for possible long on 1hr TF. will update chart as PA unfolds
price did break longterm 15m bearish trendline, retested to form crown. price is trying to break our from the minor consolidation at the right tip. look for good bullish CF for entry. stop below the head and 1.0115 as the final target
Entry at 1.006. i will recommend stop be moved to entry as there is high impact news coming on AUD in less than 60mins time. we dont wonna get whisawed!
