Bullish Dragon

29 thg 5, 2020

We have a lot of confirmations that are telling us that GJ is going to push up.

Daily Time Frame
• Break of Daily Trend line
• Failure to create a lower low. Market created a higher low.
• Rejection off 50% fib level.
• MAC (Moving Average Crossover)
• Bullish engulfing that closed above the EMA.

4 Hour Time Frame
• Market structure was broken. HH and HL formed.
• Market broke and closed above the descending trend line.
• MAC (Moving Average Crossover)
• Break and close above neckline of inverted Head and Shoulders.
• Supply Zone was broken and market rejected off of what is now a demand zone.
• Ascending trend line has been rejected 3 times with a recent close back above the trend line with a hammer formation.
• Rejection off the 50% fib level.
• Bullish engulfing closed above EMA.

1 Hour Time Frame
• Market structure has been broken. Market printed a higher high after forming the double bottom.
• 1 hour supply zone was broken and is now a demand zone.
• MAC (Moving Average Crossover)
• Inverted hammer was printed on the second leg of the double bottom.

I'm expecting the market to reject off the 1 hour supply zone at 133.900, come down and make a correction to form the higher low, reject off the 1 hour demand zone at 132.400, bounce off the 50% fib level, and then sky rocket.

If you'd like to see more analysis from me, comment below. Also be sure to share your bias on what you think this pair will do based on your analysis.