Downward momentum has peaked for GBPJPY. It tested and failed to break a support level today, forming a double bottom instead. It also appears to have formed an ABCD pattern. This trade is anticipating a pullback to previous support/resistance levels, which are coinciding with the fibonacci levels of the complete leg.
SL: 145.2
TP1: 147.1
TP2: 148.2
SL: 145.2
TP1: 147.1
TP2: 148.2
Trade closed: stop reached
SL triggered. Will look for a re-entry confirmation.Note
A reversal might be forming. Continue waiting for a confirmation.Trade active
We're on track.SL: 145.2
TP1: 147.1
TP2: 148.2
Note
Slight pullback. GBP pairs are in good shape. Still on track.Trade closed manually
Going to take profits now as this pair is uncertain. At least +100 pips, more than enough to make up for the SL.Note
Interestingly, it nearly hit TP2Note
TP2 was hit.
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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.