We have had a 100% retrace and a deep correction afterwards.
i will expect the price to reach higher than the 100% correction.
before moving slightly down before moving up again.
despite the exhaustion og the uptrend, you will probably
see the price fall slightly to the 1.23062 "ish" area
before we move further to exceed the 100%
previously correction at 1.27110 "ish" area.
----
But there are still brexit to come
and if there is some more bad news
released than follow the red arrows...
but seen with technical eyes,
a 100% correction is normally followed by
a deep, shallow or medium range correction.
and after that most of the time it exceed the 100%
correction before going down.
------
But as you can see
the risk reward are much
greater if it goes to the upside
than the other way...
-----
so i actually trade against myself as you can se my analysis on the GPBJPY.
but i always make different scenarios to define which one i feel more comfortable about
and trade the one i see most logically at the moments.
i will expect the price to reach higher than the 100% correction.
before moving slightly down before moving up again.
despite the exhaustion og the uptrend, you will probably
see the price fall slightly to the 1.23062 "ish" area
before we move further to exceed the 100%
previously correction at 1.27110 "ish" area.
----
But there are still brexit to come
and if there is some more bad news
released than follow the red arrows...
but seen with technical eyes,
a 100% correction is normally followed by
a deep, shallow or medium range correction.
and after that most of the time it exceed the 100%
correction before going down.
------
But as you can see
the risk reward are much
greater if it goes to the upside
than the other way...
-----
so i actually trade against myself as you can se my analysis on the GPBJPY.
but i always make different scenarios to define which one i feel more comfortable about
and trade the one i see most logically at the moments.