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)
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