Thread: Dragon Riders GBP/JPY

Originally Posted by ;

Looking to retest 154.500

It tested it and hauled back from 154.60. I believe that the move north is over for the moment.

Originally Posted by ;

quote It analyzed it pulled back from 154.60. I believe that the move north is finished for now.

Agree. But should becareful on shorts. Still Bullish on time frames that are higher. May retest the highs and bounce out of here.

I'm done for the day with rapid 20 pips, and it is Friday.

Have a great weekend.

If you are tracking GBPJPY this week, then consider this specialized standpoint.

Price action on the GBPJPY was disposed northward for quite a while. An Icelandic station (jumped by magenta colored lines) can be seen on the weekly timeframe from April 2017. This followed a decline which began in August 2015. The most recent price action is about the 38.2 Fib retracement zone of this decrease but operating in a consolidation phase. Within the middle of the primary ascending channel (magenta), a minor and narrower ascending channel (navy) has formed. In the last 3 weeks, price action was sideways within this minor station and proximal into some horizontal resistance zone around the 152.150/154.140 area. Technically, the market mode is ambivalent and requires clarity of price action within the next few days; stepping aside is advised.

On the H4 time framework, price action has rejected the resistance of the minor channel (navy) seen over the weekly time frame. But on Friday, bulls managed to push price northward to around the 32.8 Fib retracement of the most recent swing down. Bears resisted the movement and pushed price action southward. If bulls successfully withstand bears at the early part of the week, then we might see price action move farther north to around the 50/61.8 Fib zone prior to a southward turn around; this area (153.690/154.020) is jumped by blue colored lines on the attached H4 chart.

I might be wrong. Trade safe and prosper.

KP

Originally Posted by ;

quote Agree. But should becareful on shorts. Still Bullish on higher time frames. May bounce from here and retest the highs. I'm done for the day with 20 pips, and it's Friday. Have a fantastic weekend.

It did restart its bullish movement. Happily no shorts have been opened by me, but I missed the moment to start longs.

On the Lookout for 154.500

Originally Posted by ;

Looking for 154.500

Out for rapid 22 pips. I appear to get out from my target.

But these slow grinding price moves are tough.

Originally Posted by ;

quote Nice Grab. Initially I thought we were going to find a retracement back to sub 151.60, but I also find a HS pattern on the 4 hour. If it holds true, we could see a measured run to 155.00image

We are getting close to the measured jog to 155 in the HS pattern on the 4H last week. Additionally, it marks the very top of a rising wedge channel along with the start of a resistance place. With stochastics OB, I'm looking for signs of change on the 4H and Daily to validate short signs. Good luck!

Originally Posted by ;

my extended @ 147 148 area are still active at the present time the GJ involving 150.60 to 149.25 this will be the last call and chance for individuals to buy before the airplane take off and rally begin we're heading to 156 then 160 and possibly 164 good fortune everyone

GJ now 155.01

still holding my extended for more than 2 weeks now. And things looks amazing.

I've shifted my target from 160 to 172

so the brief term target is 157. Xx and mid term target is 160~162 and long term target is 172

good chance everyone

Looking to retest 153.700

Originally Posted by ;

trying to retest 153.700

didn't really make it. Looking to strike the highs and beyond 155.787