USDJPY Continue long bias, major time and price confluence near.
This idea is an update and continuation of my original long idea on Sept 11th, 2017.
1. The top black line represents an important interior harmonic level. What is surprising about this interior harmonic level is that the price behavior near it has not been rejecting it, which this levels behavior represents. It has just consolidate. Any experienced trader would notice that this consolidation and ‘wind up’ near an important level like this means it is ready to blow above, especially when we know that the whole number 114 is… well… just the kind of number people like.
Since Oct 23rd, we have been trading off these four harmonic levels. But now we have some sustained power above. More important, we are approaching a new Gann Square in both price and time.
2. Look above the 114.4-114.5 area. Low volume area, you can expect some major whipsaws to the upside here.
This is not a coincidence.
Important dates just around the corner:
11/4 – Moon
11/8 New Time Cycle
11/8 Important Natural Gann Date (145 degrees).
11/8 is also the ending of a 60 day cycle from a recent low (could mean bearish movement).
There is a high probability of some continued momentum to the upside. There has not been confidence on sellers to reject this area.
However, because of this sensitivity and the length of the trend, a big catalyst is needed to turn this from bullish to bearish. News over the weekend could easily create an excellent short opportunity.
Trade idea: Since 9/11/17, we’ve had excellent days and weeks to keep pyramiding in. If we get further rejection from the 114.5 area, I am looking to add more to longs at 113.5, 113 and 112.
Original 9/11/17 long iniated idea:
1. The top black line represents an important interior harmonic level. What is surprising about this interior harmonic level is that the price behavior near it has not been rejecting it, which this levels behavior represents. It has just consolidate. Any experienced trader would notice that this consolidation and ‘wind up’ near an important level like this means it is ready to blow above, especially when we know that the whole number 114 is… well… just the kind of number people like.
Since Oct 23rd, we have been trading off these four harmonic levels. But now we have some sustained power above. More important, we are approaching a new Gann Square in both price and time.
2. Look above the 114.4-114.5 area. Low volume area, you can expect some major whipsaws to the upside here.
This is not a coincidence.
Important dates just around the corner:
11/4 – Moon
11/8 New Time Cycle
11/8 Important Natural Gann Date (145 degrees).
11/8 is also the ending of a 60 day cycle from a recent low (could mean bearish movement).
There is a high probability of some continued momentum to the upside. There has not been confidence on sellers to reject this area.
However, because of this sensitivity and the length of the trend, a big catalyst is needed to turn this from bullish to bearish. News over the weekend could easily create an excellent short opportunity.
Trade idea: Since 9/11/17, we’ve had excellent days and weeks to keep pyramiding in. If we get further rejection from the 114.5 area, I am looking to add more to longs at 113.5, 113 and 112.
Original 9/11/17 long iniated idea:
