Snipertrader
GBPJPY LongI do not have any doubts that this pattern will emerge, but I do know that I've seen it on the smaller TFs up until now. If you're in a buy, be patient. Price may drop closer to NY close, but will most likely consolidate for the next two sessions. You have to make the choice to get in on this pair because the bears will bring in the volume and chase those lows. Being aware during minor structure break assisted me a lot in these positions.
GBPJPYWill be looking to roll stops and turn into risk free positions once price breaks that major LH point. Pennant forming on smaller TF, giving good indication that price will break out into the 140.100-.125 area. Strong bullish divergence on RSI and bullish candlestick formations at that major H4 support. Targets came from Fibbs and Fibb exp .
EURNZD to 1.70500Just examined the weekly timeframe, wicks thrown to the upside at a significant zone/resistance, the daily makes the price action more clear as we can identify the sellers are present at the resistance(purple zone) identifying the lower timeframe price action, market came back to a huge liquidity spot, and now momentum has kicked in(as the 15M timeframe bullish market structure has been violated, we now see first signs of the bear rally as price breaks major lows and 15M key levels) this behavior and structural behavior pattern tells us that orders has been filled and we can expect a new bear rally to 1.70500 or even lower as price is just correcting itself(ranging, showing indecisions, exhausting) from an initial impulse move to the downside for another bearish rally/leg however a break above of the purple zone would invalidate the trading setup..
For the time being, my targets at 1.70500 as its a good psychological round off number!