Trade plan 29 August 2016
-Daily chart
Price Action
Price just bounced of support(MM2) heading to the monthly pivot point(MMP)
Stochastic just left oversold
Market
The 55 and 21 Moving average indicate a strong bearish trend and this is seen by the great angle of separation between the two moving averages but as we look at the price action movement the bullish candle just broke trough dynamic resistance which might indicate a trend reversal

-H4 chart
Price Action
Price is currently at resistance
Stochastic is heading to the overbought zone
Market
The 55 and 21 moving averages cross has occur which indicates a beginning of a bullish trend
-H1 chart
Price Action
Price indicate a strong bullish movement in the market and a possibility of a bullish trend forming
Stochastic is overbought
Market
The 55 and 21 Moving average cross has occur with a great angle of separation
Planed Entry
-waiting for a pull back on the H1 chart to either the 61.8 or 50.0 or 38.2 with a over sold stochastic

GBPJPY daily

The 55 and 21 Moving average indicate a strong bearish trend and this is seen by the great angle of separation between the two moving averages but as we look at the price action movement the bullish candle just broke trough dynamic resistance which might indicate a trend reversal

GBPJPY H4

Market The 55 and 21 moving averages cross has occur which indicates a beginning of a bullish trend

GBPJPY H1

The 55 and 21 Moving average cross has occur with a great angle of separation Planed Entry

One thought on “GBPJPY290816”

  1. Miles says:

    Thanks Thabang.

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