CAUGHT WITHIN SUPPLY & DEMAND for FX:GBPJPY by darcsherry — TradingView


Tendencies for the Pound to rise remain high as we experience price clamping between a respected Supply and Demand range (141.000/126.000). A 50% retracement climaxing into our Demand
zone on the 15th of May 2020 followed by a steady rise the following week zooms all clue to Buying possibilities in the weeks ahead of us.

Tendency: Uptrend ( Bullish )
Structure: Inverse H & S | Supply & Demand | Channel
Observation: i. Correction leg of the Impulsive XA started from our Demand zone in March, only to retrace at 50.0% into our Demand zone again in mid May 2020.

ii. It has been Bullish in the last couple of weeks as price completes what looks like a Head and Shoulder pattern.
iii . The anticipation of a Breakout off of our neckline @ 133.500 level is a signal that will confirm our bias tends to complete correction of Impulse XA.
Trading plan: BUY confirmation with minimum potential profit @ 500 pips.
Risk/Reward: 1:2
Potential Duration: 3 to 7 days

NB: This speculation can be considered to make decisions on lower timeframes.


Watch this space or Telegram channel for updates as price action is been monitored.

FREE TELEGRAM CHANNEL:

Subscribe @ nirvanaforex and get free daily signals, market review updates, real-time trading tips and updates

Nirvana! Forex

Risk Disclaimer:

Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by Nirvana Trades & Investments for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility.

You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.

NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.

Past performance is not necessarily indicative of future results.



Read more…