Bias: Bullish
Market Structure Analysis:
The GBP/JPY pair shows a strong bullish trend across all timeframes.
On the 4-hour chart, price has established a series of higher lows and higher highs since late February. The recent price action shows a decisive breakout above the 194.00 resistance level, which is now likely to act as support.
The 1-hour and 15-minute charts confirm this bullish momentum with price holding above key moving averages.
Setup:
A pullback entry after the recent breakout offers a favorable risk-reward ratio. The 194.00 level should now act as support following the breakout, creating an opportunity for a continuation trade.
Entry: 194.10 (Limit Order)
Place a limit order slightly above the previous resistance (now support) at 194.00, anticipating a minor pullback before continuation.
Stop Loss: 193.75
Placing the stop below the recent support zone keeps risk contained within 35 pips.
Take Profit (TP1): 194.80
First target at the recent high, offering a solid risk-reward ratio of approximately 2:1.
Extended Take Profit (TP2): 195.50
Secondary target at the psychological level of 195.50, which would represent a continuation of the bullish trend.
Order Type: Limit Order
Wait for a pullback to 194.10 for entry rather than chasing the current price.
Alternative Scenario:
If price drops below 193.50 without triggering the entry, wait for a potential retest of the 193.00 support level before considering a new long position. The bullish bias would be invalidated if price breaks below the 192.00 level, which represents a key structural support on the 4-hour chart.
Market Structure Analysis:
The GBP/JPY pair shows a strong bullish trend across all timeframes.
On the 4-hour chart, price has established a series of higher lows and higher highs since late February. The recent price action shows a decisive breakout above the 194.00 resistance level, which is now likely to act as support.
The 1-hour and 15-minute charts confirm this bullish momentum with price holding above key moving averages.
Setup:
A pullback entry after the recent breakout offers a favorable risk-reward ratio. The 194.00 level should now act as support following the breakout, creating an opportunity for a continuation trade.
Entry: 194.10 (Limit Order)
Place a limit order slightly above the previous resistance (now support) at 194.00, anticipating a minor pullback before continuation.
Stop Loss: 193.75
Placing the stop below the recent support zone keeps risk contained within 35 pips.
Take Profit (TP1): 194.80
First target at the recent high, offering a solid risk-reward ratio of approximately 2:1.
Extended Take Profit (TP2): 195.50
Secondary target at the psychological level of 195.50, which would represent a continuation of the bullish trend.
Order Type: Limit Order
Wait for a pullback to 194.10 for entry rather than chasing the current price.
Alternative Scenario:
If price drops below 193.50 without triggering the entry, wait for a potential retest of the 193.00 support level before considering a new long position. The bullish bias would be invalidated if price breaks below the 192.00 level, which represents a key structural support on the 4-hour chart.
Trade active
this is not the price action I was looking for.I thinking maybe to close the trade and wait for a momentum
Trade closed: stop reached
-35 pips
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.
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.