GBPJPY Pivot Matrix
Updated
Looking for pivot points at the shapes in this project. Examples have been highlighted in the past price action. Range bound, upward break, or even downward path, have been factored in, in order to catch at least 3 pivot points at the shapes. There is also a main scenario represented with thin long arrow paths, but the price can deviate from this into something else depending on new information that comes in.
The curves are just for context, but they too can become support or resistance.
The curves are just for context, but they too can become support or resistance.
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Pivot point at the first green rectangle.Comment
Candlestick shadow at the blue curve which acted like support. At least for now.Comment
The first part of the main scenario (long white arrow) becomes a reality. The blue curve was broken eventually, after that bounce with the candlestick shadow (orange marking).The price is at the long blue rectangle which can act as support.
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The long blue rectangle acted as support. Another pivot.Comment
Pivot at the last green rectangle.Comment
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Looks like it is heading for the white circle.Comment
Close rebound near the blueComment
The price is at a crucial position where the bull force will be tested. White rectangle above still qualifies as a potential resistance zone, but first the price has to break through the red line which has kept the price under since the first pivot point in this matrix, at the first rectangle of the plot.Comment
A break and a test of red curve. Almost near the white rectangle. Let's see if any more pivot points arise in this Matrix as it is almost near the end. Comment
Decent rebound from the white rectangle. Could be just an accident how it was meticulously placed right there in a random fashion, just like the first green one in this project. Nearing the end.Comment
We end this Matrix project with a classic Break and Test of the infamous Red Curve. For a recap of the Journey that followed this curve, worth mentioning are the first pivot point / turnaround at the first green rectangle, the bounce & turnaround with a candlestick shadow at the red curve somewhere next to the small orange, the big bounce from the last big white rectangle, and a possible change in sentiment near the white flag time stamp.
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