GBPJPY TRADING DIAMONDS
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Hello, fellow traders! 👋📈 Welcome to TCPLTP (Trade Chart Patterns Like the Pros)!
Today, we'll dive into an exciting analysis of GBPJPY using the Mama Diamond pattern, which has now given birth to a little baby diamond. 🤩💎 We'll explore how to leverage existing Fibonacci ratios as support and resistance levels within this single pattern structure.
GBPJPY is retesting the previous breakout: 180.524, as most patterns do, price tends to have throwbacks after the main target is hit.
Price has formed a diamond pattern on its hourly chart (diamond bottom), indicating a possible reversal in price.
Next targets to look at:
181.846
62%: 183.147
79%: 183.854
Today, we'll dive into an exciting analysis of GBPJPY using the Mama Diamond pattern, which has now given birth to a little baby diamond. 🤩💎 We'll explore how to leverage existing Fibonacci ratios as support and resistance levels within this single pattern structure.
GBPJPY is retesting the previous breakout: 180.524, as most patterns do, price tends to have throwbacks after the main target is hit.
Price has formed a diamond pattern on its hourly chart (diamond bottom), indicating a possible reversal in price.
Next targets to look at:
181.846
62%: 183.147
79%: 183.854
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