GBP/JPY - Sell 0.02 @ 147.931, TP: 145.40 SL: 150.25. Stop Loss won't be further adjusted but TP might be adjusted based on price action
Total Risk ~ 50 EUR
Reasons to enter:
1) Price action: The bars in the rectangles shown on the map: an outside bar, a pinbar and an engulfing on a pinbar
2) The resistance @148.90 seems to hold plus close to a round number 149.00
3) 61.8 Fibonacci in the area also serving as a resistance
4) AB=CD movement completed
5) On weekly, the 150.00 is the 4/8 MML line that could also prove as additional resistance. The trendline is now being tested so it should serve as another reason for confluence to push price down
6) On monthly we're at the 4/8 MML area that could provide resistance. The price looks in a range but we can also notice that the price is at 38.2 retracement from previous monthly swing so that should try to provide resistance as well and push the price down in an attempt to complete AB=CD movement.
Reasons not to enter:
1) Today GBP important news are coming, but as we can see on the chart: https://www.forexfactory.com/#graph=85863 , Oct hasn't been most of the times meeting its forecast.
2) There is a channel up on the daily formed but it seems to have stopped, either to consolidate ( bad for us ) or to switch direction ( good for us ).
3) Not on the MML extreme zone
Due to all these reasons, I've entered only half of the usual stop loss. As mentioned before I plan 100 EUR stop losses. An additional position might be added or not depending on the price action.
USD/CHF still on the lookout
Total Risk ~ 50 EUR
Reasons to enter:
1) Price action: The bars in the rectangles shown on the map: an outside bar, a pinbar and an engulfing on a pinbar
2) The resistance @148.90 seems to hold plus close to a round number 149.00
3) 61.8 Fibonacci in the area also serving as a resistance
4) AB=CD movement completed
5) On weekly, the 150.00 is the 4/8 MML line that could also prove as additional resistance. The trendline is now being tested so it should serve as another reason for confluence to push price down
6) On monthly we're at the 4/8 MML area that could provide resistance. The price looks in a range but we can also notice that the price is at 38.2 retracement from previous monthly swing so that should try to provide resistance as well and push the price down in an attempt to complete AB=CD movement.
Reasons not to enter:
1) Today GBP important news are coming, but as we can see on the chart: https://www.forexfactory.com/#graph=85863 , Oct hasn't been most of the times meeting its forecast.
2) There is a channel up on the daily formed but it seems to have stopped, either to consolidate ( bad for us ) or to switch direction ( good for us ).
3) Not on the MML extreme zone
Due to all these reasons, I've entered only half of the usual stop loss. As mentioned before I plan 100 EUR stop losses. An additional position might be added or not depending on the price action.
USD/CHF still on the lookout
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