Market

GBPJPY reaches for previous top for FX:GBPJPY by soaringtothestars

Multi Timeframe Analysis

Hint: Look only for SELL setups

Recommendation:

Market will correct slightly to support then push up

-=ENTRY RULES=-

Trading philosophy: Don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the D1 master trend.

Note: I use Daily/4H or 4h/1H market structures with wave analysis to prep for potential entries. The MACD and EMA indictors are confirmation for entries at the 4H or 1H timeframe

For SHORT:

4H chart should confirm that the bullish retrace had turned bearish . The MACD should have dropped below zero signifying a bearish environment. Price would have dropped below the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is below the 50 signal line

For LONG:

4H chart should confirm that the bearish retrace had turned bullish . The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is above the 50 signal line

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