TL broken with 15 Min candle closing above but watch for 232.40-50 confluence of Fibos before going long

Auslanco - GBP/JPY and GBP/USD (newstrade)

Down trend line on 15 Min being tested again for an upward long break

Auslanco - GBP/JPY and GBP/USD (newstrade)

Good point taking into consideration that the major downtrend wave 38.2 Fibo comes first but it is showing @ 231.41 on my chart!

Auslanco - GBP/JPY and GBP/USD (newstrade)

Will buy on a dip at 231.30 (Fibo confluence of double 38.2 levels of downward wave (19 July-16 August) and upward move (19 August-22 August)

Auslanco - GBP/JPY and GBP/USD (newstrade)

What is that support level? my first support level is the 61.8 @ 232.36 of downward wave from 10th August

Auslanco - GBP/JPY and GBP/USD (newstrade)

what a beautiful day so far... 389 pips from two GJ positions and one GU position

Auslanco - GBP/JPY and GBP/USD (newstrade)

Nice upward righ-angled triangle forming on 5 Min. Apex coming very soon.

Auslanco - GBP/JPY and GBP/USD (newstrade)

On which bases are you assuming that? IMHO, everything is pointing up. Take a look at the weekly: - Upward TL extending for the last couple of years - Nice retracement off the 61.8 and 50 last week - This weeks candle is developing into a Bullish ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

On which TF is the referred to trendline?

Auslanco - GBP/JPY and GBP/USD (newstrade)

I believe so: Higher TF (Weekly: almost crossing to long, Daily: long) supports long Shorter TF (4H: OB, 1H: OB and crossed) supports short which puts the retracement alternative in perspective the 38.2 looks like a promising support, if not, the ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

Good confluence of support of 38.2, trend line and 50 EMA (the blue elipse) image

Auslanco - GBP/JPY and GBP/USD (newstrade)

A long if 50 Fibo is broken or buying a dip at 38.2

Auslanco - GBP/JPY and GBP/USD (newstrade)

Finally, we have reached the apex of the symmetrical triangle...

Auslanco - GBP/JPY and GBP/USD (newstrade)

The rectangle agony on 5 min image

Auslanco - GBP/JPY and GBP/USD (newstrade)

I would just suggest to wait for a breakout confirmation from the tight range that has been established for the last 4 hours or so

Auslanco - GBP/JPY and GBP/USD (newstrade)

I suggest to wait and ride the breakout wave in any of the directions (beyond the 229 or below 225)

Auslanco - GBP/JPY and GBP/USD (newstrade)

But the 4HR is not bearish yet, don't you need confirmation?

Auslanco - GBP/JPY and GBP/USD (newstrade)

The 38.2 ret. of last uptrend move on hourly chart lies @ 277.75 as well

Auslanco - GBP/JPY and GBP/USD (newstrade)

Hi Karmo, Happy to see that you have started this thread after watching you performing an excellent analysis and highly successful GJ trades for some time through Auslanco thread. I am wondering if you like to keep the chart analysis from your end ...

Karmo's trading strategy trading GBP/JPY

I agree. Why the assumption of primary trend reversal? As per my weekly chart, last week candle has just retraced from the 50% Fibo of the uptrend move that started early February and closed above the secondary trendline. image

EURUSD