GBPJPY has been in a downtrend for two weeks now but I am looking forward to a reversal at 139.251 which is the 261.6% fid of 143.725 low and 146.484 high if a reversal forms at 139.251 then my target is 50 or 61.8 fib of 146.484 to 139.251
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All that Fib BS aside - 139.251 is a nice level of support, been tagged 3 times at least.
If it doesn’t hold this time, get ready for a steep ride down.
Sportsman’s bet says down to 132 and form a double bottom.
Depending on your time-table, a good long GBP/JPY would be helped by -
stable continuation of UK government - but the Prime Minister will probably resign in June
an economically friendly and capable UK PM - but Theresa May’s potential successors make up a weak list
a Brexit deal friendly to the UK economy - some chance!
resolution of immediate tariff and trade security issues between the US and China - on past history some improvement might happen soon
avoidance of geo-political risks involving the US - things are quiet with North Korea, but volatile in the Gulf, troubling in the South China Sea, with a small possibility of US entanglement in Venezuela.
Dude.
It took reading your post to again remind me why I can only trade following one or two little lines on a chart!!! LOL!!!
If I had to take all of those factors into account before deciding to place a trade and/or in which direction to be trading, and assuming that a person (I) even understood the ramifications of events, well then I doubt I’d ever be able to get into the market at all.
(This post, by the way, in no way directed at you).
My point really is:
I’ve just been reading some other posts. In many I see a new trader religiously going through all manner of courses and reading articles and whatever else in an effort to understand economics and fundamentals and the impact of news events etc. I’m willing to bet that 99.9% of those new traders don’t have degrees in economics or anything else even remotely related. Yet they seem to be under the impression that a few courses or pages on the subject are going to set them up for success and enable them to base trading decisions on their new found education and understanding of economics and fundamentals. It’s ludicrous. From where I sit and watching some of this stuff unfold: seems to me that not even the finance ministers or governments have any clue as to what’s going on. So what hope any new trader has of making profitable trading decisions based on economics and fundamentals escapes me. But hey: maybe it’s just me that doesn’t have the intelligence required to decipher, analyze, and predict future price movement based on economics and fundamentals. Just saying I suppose (yet another of my more endearing posts I’m guessing).
Regards,
Dale.
Price finally got to my target zone looking forward to a three inside up at H1 close
If this happens profit my target is 50%fib
GBPUSD is also showing the same pattern I wl alos target 50 % fib(1.2900)