DislikedA possible evolution of price for USDJPY
Anyone feels like to explain the WPD-WPG process behind it?
Would shorting at a price action pattern at 80 be safe? Why?
What is the other important pattern to see, that I omitted?Ignored
I apologise in advance....
Weekly Chart
Weekly bar closes above 79.55 - price could go higher to meet resistance at BRN 80.00 – at this point we would still be waiting to see WPD
Daily
Price is in a down trend LH / LL and could be completing another retracement.
Possibilities of the last Lower high being broken with a Higher High to indicate a possible trend change on the daily chart. A HH would require weekly bar closing above weekly resistance line of 79.55
Possibilities - WPG
Weekly bar eventually closes down below 79.55, allowing to go lower and meeting resistance from top channel trend line marked on the daily and maybe convergence with further support from monthly resistance line at 78.200
Price could then retrace higherto resistance 78.99
We then look for a price action trading opportunity - daily chart to enter a sell on the market.
Would shorting at a price action pattern at 80 be safe? Why?
No lower weekly resistance to near no money management!
What is the other important pattern to see, that I omitted?
W pattern - Head and shoulders drawn!
Peter.
“A setback is a setup for a comeback.”