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GBPJPY - Just entered Long again


Our Story on 4HR chart:

This story started back in 22/6/2020

  1. We have hit a Major Support coming from Daily chart which also happens to be 50 Fib from Weekly chart and started going up.

  2. We have hit some resistance point and started going down again because smartmoney needs to buy some more and retest the level. All the down waves are having hard time to move down- Buying on the way down.

  3. Last up wave right on Support we have a nice Plutus Long with SI 33.9/6.4 - that's a Push Up - Buing some more no sellers left and up we go.

  4. On the way up we hit another Fib from Daily and we start retracing, but the retracement is quite hard with 26.8 SI , but we do not know yet if this is their Push down or hard to move down (with more buying).

  5. Next down wave has also hard time to move down with SI 18.2

So having all the above in mind just entered second time Long on the 1HR break with a target next Fib Area. Only if you see high volumes on the 5 min and going back into range we get out.


This is the Magic of Speed Index.

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