Estimated pips are the pips that would have been gained by trading ideally along the published scenario.
| Currency pair | Total pips | Posts | Average pips |
|---|---|---|---|
| GBP/JPY | +464.0 PIPS | 12 | 38.7 PIPS |
| USD/JPY | +328.0 PIPS | 11 | 29.8 PIPS |
| Total | +792.0 PIPS | ||
For now I'm looking to buy, but price is near the 1-hour recent high and the 4-hour is in a downtrend, so caution is needed.I don't want to get caught up in a move where a big double top forms and price drops, leaving me buying at the top.
The price has been moving sideways without clear direction this week, but on a bigger picture, it feels like the lows have been turning up (making higher lows) while support has been firming up.Looking at the 4-hour chart (H4), it's not a shape that makes me want to sell.
The near term is still falling, but price has reached an area where downside stalling may be coming soon.If it starts turning up (making higher lows) from here and shows signs of a rebound, I'll consider buying.
Short term, price is tracing a downward wave, and we're waiting for a reversal.Will the daily chart turn back into an uptrend, or will it drop another leg?
The daily chart uptrend has broken down and the bias is to sell, but price is at a level that looks likely to become a pullback on the weekly chart.For day trading, this is a spot to go long and catch the 4-hour-level retracement.
The daily chart and 4-hour chart are both bearish, but the decline has stalled, so for day trading I have a bullish bias.I'm aiming for the neckline of the double bottom that looks like it's forming on the 4-hour chart.
The daily chart, the 4-hour and the 1-hour are all pointing to selling, but the 1-hour has been making higher lows, so for now I'm looking to buy for day trading.If price starts turning down (making lower highs) from here, I'll switch to selling.
On the 4-hour chart, I'm waiting for the right moment to sell the rally, but in the current market I'm looking to buy.I'm using around 211.5 as the target for the 4-hour retracement, so I'd like to catch the move up to there.
The market opened with a gap and started off falling, and price has reached a level where anyone who went short around 9 am JST (00:00 UTC) could reasonably take profit for now.For the next move, I'm keeping a bearish bias and waiting for a retracement.
The uptrend has broken down, and my current bias is to sell.Price is near the pullback low on the daily chart, so there is reason for a bounce, but I see the flow as bearish and will be looking to sell the rally.
