Monday, February 17, 2014

GBPJPY Trade Setup & Forecast for the week 17th Feb, 2014

GBPJPY Trade Setup & Forecast for the week 17th Feb, 2014


Weekly Chart


After the pin bar 2 wks ago, bullish momentum respected the price action from the support and stochastic respecting this idea. MACD however is not in the same wave length , and is crossing into bearish

Daily Chart

  • Trading into bottom of the ascending trend line which we broke - which could become resistance
  • Trading into the 61.8 retrace and if we look at the ichimuko clouds, we are trading in the clouds but heading to the top of the clouds (resis)
  • Stochastic is overbought
Heading into resistance , would look at opportunity to short

Hourly Chart


  • Currently price is seeing some reaction from the 61.8 level however because this level is too close to the support, i am not comfortable opening short trades unless a quick scalp
  • I have two short trades (blue and black), - blue is also a supply and demand trade

Outlook Trade opportunity

I would be looking at price action at both of these levels before placing counter trades. This is because price action wise it is still in a very bullish momentum.
If however prices goes to my sell area, macd and stochastic should be diverging which gives it more reason to short it (for a small profit 1:1 or 1:2)

Risk Level Medium And High


Tips -

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