Gbpjpybreakdown
GJ Sells Breakdown 13/11/2020I don't usually take impulse entries but I
have taken a similar setup on GJ 3 times
before already this week and they were all
winning trades
Entry was taken at the point we broke below
the wick of the bearish 30m candle on support
anticipating price to come down to the next
support. I used my usual 2% risk and price
very quickly moved towards target
TP hit and I secured 3.2% account increase
If we flipped bullish I would have managed risk
by closing half of my positions so that if SL
hit I lost less than I was happy to lose.
GBPJPY BreakdownPrice is going up to Target (144/145) through Trend creating Highs and lows. Price is currently at past highs where consolidation took place for a week. Currently testing that level as a Support and testing the Trend line. 4HR Fibonacci Retracement "Golden Zone" falls perfect with Support and Trend line. Price range also pulled back same distance as previous pullback couple weeks ago. Showing major confluence. Looking for price to make new highs by the end of the week. Fundamentally Friday will have a lot of EUR/GBP economical news during London session so its likely that news will push pair to new highs. Being that news is just in excuse to move the market the way it should.
