The analysis of multiple timeframes in GBPJPY leads me to believe that we might see a bullish breakout emerge from this juncture. If we base on the relative strength readings, obtained from my ratio analysis, pairing gold vs each currency, we'd be biased towards a bullish trade setup here. Although rgmov doesn't signal a new 44 bar high in any timeframe, the monthly does have a recent uptrend, which turned into a lengthy sideways move, and price is emerging right from support, so this opportunity should be considered. Check out my previous Nikkei chart, and the gbp/xau, an jpy/xau ones, as well as Tim West's own analysis on the Nikkei for more information.
The 3 targets on chart are potential reversal zones as well, the low volatility enviroment we're in makes me think we have a very big move coming! I take this trade as a hedge against my longer term shorts in usdjpy and my eurusd and usdchf longs. It's good to keep a balanced portfolio when opening and managing multiple positions, without being incoherent with our own analysis and methodology.
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Kind regards,
Ivan Labrie Time at Mode FX
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I entered at market initially, adding if today's bar closes above the mode.
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Discretionary error entry worked well here. Adding to longs on close above the mode at 184.204. Also adding if we expand range, risking the day to turn down. Aggressive play.
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On track, added to longs after we got range expansion and trailed the stop. Now at the same risk exposure, with 3x the position size.
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Added again on retrace, booked some profit from addons at the high retest. Risk free, triple size position now. Letting it hit targets.
I would say this is a critical juncture. The trend is bearish but there is substantial evidence of a bottom. Price has risen to the upper median parallel and is in the vicinity of prior support/resistance. We have a double bottom but I would like to see a higher low and change in the relationship between price swings and the stochastic first.
IvanLabrie
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If today's candle is a zoom candle, then we'd be pretty sure of the long, the new momentum high is enticing.
johan.verm
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I think if price breaks trough the MA 50/200 (D1) there is a good chance to climb higher to the MA 100...Good luck!
IvanLabrie
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It's a matter of time. The close above the mode today is vital, that's my main confirmation for the box targets.
It has a 55% probability of hitting the largest box target. Definitely worth a shot.
I have 1 entry and adding today after close, and adding if range expands. That makes it 3 entries, can aim for the 3 targets on chart easily.
There's also opportunity to buy pullbacks if today's range expands (range expansion as signaled by my R.E.Signal indicators on chart)