My 4HR says long: Doji and ret. @ 74.6 and bollinger band Resistance line broken 20 SMA broken My only concern is th long distance it made on the last candle reaching 23.6 So off to bed and tomorrow is a new day

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

I thought you were already shorting

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

I agree and on my chart it almost meets the 32.8 which stood as good resistance twice last week

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

Not yet. Take a look at this EUR-CHF formation which is more mature than the one we have here and yet the price bounced off the neck line without breaking it and hence invalidating the formation. image

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

It seems like a nice, but painful, bounce off the confluence of Fibo and 4 HR support line

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

I believe we (who went short) will be in trouble if it closes above 240.77

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

check out: url

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

I have it on FX AccuCharts as standard Fibo level and been using it for a while

Daily GBP/JPY analysis

It is hard to tell now: 1. The second part of the inverted right sholder didn't even start to develop and 2. The neckline (242.91) needs to be broken before the formation is valid

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

Just a note, the price has retraced exactly (238.89) off the 76.4 Fibo of the recent upward move (237.60-243.10)

Daily GBP/JPY analysis

But the right shoulder has not formed completely yet and the neck line has to be broken (242.91) before the formation is valid.

Daily GBP/JPY analysis

I hope you have raised your SL

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

I don't know fundametally why but we are currently stuck at the verge of 4HR support line and just below 38.2 after breaking and closing below it by a bullish engulfing candle and moving 65 pips below it which is worrying I through the ...

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

Sure swing highs are highlighted in light blue circles and resistance line in light blue. image

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

I have shorted at the same level a couple of hours back. Why don't you raise your SL level to at least above the 23.6 Fibo 240.77 and preferably above the resistance line from 25 July and 2 August highs which is according to my 4H chart is currently ...

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

The price retraced from the 117.30 level (76.4 Fibo ret. of major uptrend). If I were in your shoes I would do one of the following based on how things develop: 1. Worst case scenario: if price clearly breaks through todays' low (i.e. 76.4) I would ...

USD/JPY Discussion

Still in my long from 239.60. The long legged Doji on the 4 HR at the 38.2 major trend ret. on 4 HR chart earlier today relieved me but the recent candle ret. at 240.39 didn't taking into account the general bearish market sentimenets ...

Daily GBP/JPY analysis

It is another Fibo ratio that results from dividing each number in the series by the 4th number after it: e.g. 1 1 2 3 5 8 13 21 34 55 89 144 ... 8/ 55 = 14.54 13/ 89 = 14.60 21/ 144 = 14.58 It is a minor retracement level as opposed to other ...

Daily GBP/JPY analysis

at the Daily chart front, 239.70 level seems to be the next substantial support (14.6 of minor down trend and most importantly 38.2 of major uptrend) image At the weekly chartfront, 239.50 level is the next support with confluence from the weekly ...

Daily GBP/JPY analysis

Thanks Karmostaji for sharing your analysis details and being the first to positively respond

Daily GBP/JPY analysis