$GBPJPY D CHART
BEARISH ABCD PATTERN
A FEW WEEKS AGO, THE MARKET PUSHED DOWN JUST LOWER THAN THE 1.27% FIB EXTENSION FOLLOWING THE ROUGHLY 45% AB RETRACEMENT. THE BEARISH MOVEMENT EARLY THIS WEEK AND THE PATTERNS BELOW INDICATE THE MARKET IS GOING TO RE-TEST THE LOWS IN THE 155.00-156.00 AREA AND POSSIBLY PUSH DOWN INTO THE 1.618% FIB EXTENSION AT 148.65.
$GBPJPY 4HR CHART
BEARISH & BULLISH BAT PATTERNS
BEARISH HEAD&SHOULDER PATTERN
THE BEARISH BAT PATTERN (PURPLE) COMPLETED LAST WEEK MID-STRUCTURE (GREY BOX) AT THE TOP OF A MINI-STRUCTURE SHELF (YELLOW BOX) GIVING A NICE TRADING OPPORTUNITY. I TOOK PROFIT AT THE 0.618 TARGET. LOOKS LIKE THE MARKET COULD PUSH DOWN TO THE BEARISH BAT “C” POINT AT 156.15. IF WE SEE DOWNSIDE, WATCH FOR RETRACEMENT IN THE REVERSAL ZONE OF THIS BULLISH BAT PATTERN (GREEN).
THE BEARISH HEAD&SHOULDER PATTERN IS MARKED WITH BLACK ARROWS. I GOT SHORT YESTERDAY AFTER WE BROKE STRUCTURE AND SLOWLY RE-TESTED THE NECKLINE AT 159.50. A 2.00 FIB EXTENSION PROJECTS A POSSIBLE DOWNSIDE TARGET AT 155.O7. ALSO NOTICE THE 1.618 FIB EXTENSION AT 156.77.
$GBPJPY 1HR CHART
USING THE RECENT DOWNLEG THAT BROKE THE HEAD&SHOULDER PATTERN NECKLINE, I’VE PLACED MY STOP 33 PIPS ABOVE THE 0.618 FIB RETRACEMENT LEVEL. THE 0.382-0.618 IS A CLASSIC RETRACEMENT ZONE, I DON’T SEE THE MARKET PUSHING ABOVE THE 0.618 AT 160.32. NOTICE THE RESISTANCE AT THE 0.50 FIB LEVEL.
STOP @ 160.60, ENTRY @ 159.52, TP @ 156.50
108 PIPS : 302 PIPS
(RISK : REWARD)
DISCLAIMER: Trade these setups at your own risk. This post is an “educated guess” based upon my technical analysis. If you are trading live, limit your risk to 1% of your account balance. If you have zero experience trading, I highly recommend you start with a demo account before going live. Trading without a strategy and without risk management is no different than gambling. Please trade safe and responsibly!
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