[GBPJPY] Buy Limit - 04/07/2022 - New York Session
Weekly: Market has been trending bullish. From the last structure market hit the -61.8 and retraced 500 pips and has since continued it’s bullish momentum. Weekly Bias is bullish.
H4: On the H4 we identified the supply and demand zone and market has been trending bullish since breaking structure/demand and forming new high’s and lows. The last structure was a 0.5% retracement and has since continued bullish and hit the target -27 zone and has been consolidating between the -61.8 and -27. H4 bias is bullish.
H1: From the break of structure to the resistance we wicked the 0.5 retracement but the candles have all found support at the 38 zone, so we are expecting a continuation to the -27 where we have out take profit which also falls in the supply zone. From the 50 wick to the resistance, we have very clear support at the 61.8 with 7 touches. The market will not fall under this zone, so the safest place for our stop loss would be under here. H1 bias is bullish.
M15: From the last low it has been a continuous uptrend with no structure really forming so I took an buy entry where market was at, and gave the trade about 22 pips to breathe. From the top of the structure to the little bit of retracement we had it has formed support at the 23.6 which indicates a continuation. M15 Bullish.
H4: On the H4 we identified the supply and demand zone and market has been trending bullish since breaking structure/demand and forming new high’s and lows. The last structure was a 0.5% retracement and has since continued bullish and hit the target -27 zone and has been consolidating between the -61.8 and -27. H4 bias is bullish.
H1: From the break of structure to the resistance we wicked the 0.5 retracement but the candles have all found support at the 38 zone, so we are expecting a continuation to the -27 where we have out take profit which also falls in the supply zone. From the 50 wick to the resistance, we have very clear support at the 61.8 with 7 touches. The market will not fall under this zone, so the safest place for our stop loss would be under here. H1 bias is bullish.
M15: From the last low it has been a continuous uptrend with no structure really forming so I took an buy entry where market was at, and gave the trade about 22 pips to breathe. From the top of the structure to the little bit of retracement we had it has formed support at the 23.6 which indicates a continuation. M15 Bullish.
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