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 | +394.0 PIPS | 14 | 28.1 PIPS |
| USD/JPY | +361.0 PIPS | 14 | 25.8 PIPS |
| Total | +755.0 PIPS | ||
On Friday, the price rallied to a pretty good level.It has reached the price where many of those holding longs would take profit.There's a chance it aims higher again from here, but I think it's fair to say that sellers have the upper hand for now in the short term.
Right now, the 4-hour and daily charts can still be called bullish, but price is turning down (making lower highs) and losing momentum, so I want to watch with a possible bearish shift in mind.However, if price holds above line C and starts turning up (making higher lows), we need to consider another leg up.This is a tricky price zone where both buyers and sellers are stepping in, so be careful trading inside the range.
Price is still near the highs on the 4-hour chart (H4).It's gradually turning up (making higher lows) and upward pressure is building, but I think there's also a chance it loses momentum again and drops.
Price is near the range high right now, but if it starts turning down (making lower highs) from here, I think it's worth considering a sell.If it keeps rising with the current short-term flow, the bias becomes bullish, in line with the flow on the 4-hour chart (H4).
Basically, the market is ranging and it's a tough environment to trade.I'm looking to sell in the near term, but the price zone from A to C is a zone where buyers also step in, so unless you strictly stick to buying from the bottom and selling from the top, you'll end up stressed once you're in a position.
The flow is clearly to the downside, so I'd like to aim for selling the rally from an obvious support/resistance (S/R) level.One thing to watch out for: this is a price zone where price tends to bounce on the 4-hour chart, so if it holds above the C line and starts turning up (making higher lows), it's safer to get out early.
Yesterday, price failed to break out of the 4-hour range, and after turning down (making lower highs) it has now made a bearish shift.From here, I'm waiting for a retracement to look for sells.
For day trading, it's fair to see this as a bearish shift.From here, I'd like to wait for a retracement and sell.
The uptrend continues from yesterday.Price is grinding higher while making higher lows, but it is approaching the range high on the 4-hour chart (H4).
The situation is almost the same as yesterday, but it looks like it's about to break to the upside.If price holds here, I'd like to buy.If it breaks to the downside, there may be a short-term short opportunity, but the bigger trend is still a buy.
