Reasoning for taking GBPJPY Long.
1. Daily and Weekly shows that we are at a double top area. (could be a strong reversal point to the downside)
2. 4hr still looks bullish. break of structure to the upside.
3. 61 fib retracement level held for potential upside continuation.
4. Potential upside target is at the very top of the double top area.
1. Daily and Weekly shows that we are at a double top area. (could be a strong reversal point to the downside)
2. 4hr still looks bullish. break of structure to the upside.
3. 61 fib retracement level held for potential upside continuation.
4. Potential upside target is at the very top of the double top area.
Trade closed: stop reached:
SL Hit. Lesson Learned : Fib the Daily chart and find entry on the 4h