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Rocroy good analysis it began falling like a stone and went up to the Pivot! I got 50pips from that up movement and I have nothing (yet) in the fall because I actually didn't think it will become down this quickly. I underestimated the bears now.
Now that was a massive mistake because each fantastic support was broken on the first try...
Well done guys ! Keep this up!
Edit:nevertheless more bears in gbp/jpy? Done a retracement now.
The one prior to the last sign HH should not be LH instead in your chart? It was not a greater high...Originally Posted by ;
You are right on your statement, I should have clarified it; I saw that just as a correction of this bullrun, and that we would continue the upward trend. That's why I put a HH onto a bar that appearing on a larger not is that a HH. Not part of any trading-system, only a guie for myself
The candlesticks will tell you a lot of things about the current market sentiment and it is crucial to utilize them. Today was a great evidence of that they should be taken with a grain of salt since the market can easily override rules.
As you can see the Cable was rising today up into the daily pivot line and left a shooting star candle on the top of the motion. A change sign in a line is a killer mix and it is a really large likelihood trade anytime can be taken by you.
The price started to fall and only got stopped by the daily S2 pivot line and created 3(!) More were then afterwards fallen by reversal candles on the hourly. I've observed many situations such as this that I had to come to the conclusion this is occurring because bears are so powerful and also a new trend is forming or an older one. It's Monday and the idle institutional traders get in the office view the charts and say oh my god wtf just happened with all the cable?? Hey guys this is definitely falling we should dump 30mio immediately... and these men do not really care about candlesticks, etc they have a consider bearish zone to calculate with and they have positions for months so that they truly don't care about 30-40points when inputting.
And do not let me get going on stop hunters (against the counter trend traders now, who thought the fall has ended already) and the late comers etc..
Therefore the point is, take extra caution when counter-trading these scenarios.
Yet another megaphone () on the GBP/USD M5 charts. The longer term TFs suggest a break to the downside... We will see.
I'm still short, because UJ is finally making a go down... If UJ moves down to encouraging tl, which would imply about 250 pips for GJ, which would take GJ back to the lower tl again. However, you will never know...
There also might be a fantastic spot to short EJ now? Not yet, euro seems to be too strong...
In case London pivot holds brief ought to be secure for the time being. Expecting guppy to channel down today but market seems abit at this time. No big news .
Edit: Alot of selling around London pivot, I have gotten the PA I was looking for. Expecting price to strike support-line in time that is short.
Good enough for me. A 65 pip motion in no-time. I still think this might move down however I am unwilling to risk my pips.
Hope you had your brief through this fall?I'm still brief, because UJ is finally making a move down... If UJ goes down to supporting tl, that might imply about 250 pips for GJ, that might take GJ back to this decrease tl again. But you'll never know...
There also might be a fantastic place to brief EJ now? Perhaps not yet, euro seems to be too powerful...
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