GBP/JPY Long on daily
Anticipating an upward move on GBP/JPY towards R2 at 154 mark over next fortnight.
Pivot and fib retracements aligning around 146.857 mark, with upward trending 50EMA likely to provide further resistance.
Will look for a test and rejection at this level then enter a long position with a stop loss below the 618 retracement and EMA.
Do however need to look at the bearish RSI, but this alone wont prevent a trading opportunity for me.
Pivot and fib retracements aligning around 146.857 mark, with upward trending 50EMA likely to provide further resistance.
Will look for a test and rejection at this level then enter a long position with a stop loss below the 618 retracement and EMA.
Do however need to look at the bearish RSI, but this alone wont prevent a trading opportunity for me.
Note
M60 and M30 have both clearly tested and rejected the 236 fib.However both are downtrending again.
Looking for a retest with possible double bottom before executing a long position.
Trade active
OK so I've entered this trade now. Short time frames (M5 and M15) have both had a double bottom so I am using this as my entry point for reversal.Only looking to target previous high at this point at 149.114 and stop loss below the pivot.
I may end up trailing this stop and increasing the TP level if the trade is particularly bullish.
Note
Textbook trade this one so far. Rebounded exactly as expected and looking for further upside towards the previous high.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.