Petaryot
Long

GBPJPY - Long entry, beginning of another leg

FX:GBPJPY   British Pound / Japanese Yen
287 3 10
GJ has been falling like crazy over the past week!

This week it looks like it might bring us a set up for a nice long entry:

-Horizontal support (apparent from the chart)
-Hourly chart supper (blue line)
-0.7 reverse fib level
-RSI being oversold on multiple TFs

Looks like it could be a very nice long, do try to enter at about 154.180 which is a bit under fib level (right at black box             )

Safe and successful trading!
I would say entering at 154.5 and having stops at fib level should work as RSI has turned around from the oversold boundary. We should aim for 157 -158 as our TPs. It is more of a double bottom I should say, if we ignore the wicks so price is likely to turn around now.
+1 Reply
I'd rather wait this one out and possibly miss it, not in a position for large losses since I want to enter a large position.. But I do agree with you that turnaround at this point is very likely
Reply
ptp94 Petaryot
yes so I would wait for confirmation of at least 1 complete candle before the jump in.
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