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 | +512.0 PIPS | 16 | 32.0 PIPS |
| USD/JPY | +98.0 PIPS | 16 | 6.1 PIPS |
| Total | +610.0 PIPS | ||
For now I'm looking to sell within the range, but it's a bit of a tricky situation.If anything, it's a situation where I'd rather look to buy than sell.
In the near term, I'm looking to buy for day trading, but the market context is tricky.The 1-hour chart (H1) has broken above the neckline of a double bottom, which is a buy, but on the 4-hour chart (H4) this is a retracement in the middle of a decline.The daily chart is unclear, but if anything, my impression is that buyers have the edge.
Continuing from yesterday's flow, I'm still looking to buy.It's starting to look like a double top, so there's a good chance it moves into a range for a while.In that case, I'm assuming a scenario where price bounces from around Line B at the range low, and I'm waiting for a pullback.
Not much has changed since yesterday.I think the flow is for price to drop to the 4-hour key level for now.If you went short at some point yesterday, just hold it.
Technically, it's a buy. Price is also starting to break above the 4-hour range.
The bigger trend is bullish, but on the 1-hour chart (H1) it looks like there has been a bearish shift for now.Until price breaks above Line A, I'm treating this as a sell and waiting for an opportunity.
It doesn't look like it has the strength to rise... so I'm going with a sell.Every timeframe is in a range, and there's no sense of direction either.
The daily chart is in a tricky spot, but overall it's a buy.Right now it's a matter of figuring out where the pullback will bottom out.
Both the 4-hour and 1-hour charts should essentially have a bullish bias, but the market has been stalling for a long time and has lost its sense of direction.On the 15-minute level, price is turning down (making lower highs) from yesterday's high and has come back into the original range.For day trading, the view is to sell from around the top of that range.
Still ranging.I think a break above Line A would bring a rise to the next level up, but it's having a hard time getting above it.As for the sell scenario, from where we are now, a big drop doesn't look likely right away.I'll start selling in earnest once it breaks below the yellow line under Line C.
