tonitrader
Long

GBPJPY long anticipating trend continuation

FX:GBPJPY   British Pound/Japanese Yen
We see a strong bullish market that formed a V-formation. In the last hours we formed a small corridor of consolidation with a lot of buying pressure at the bottom edge of the corridor. Candles show that. Because of the overall upwards market trend I believe that we will continue this trend and hit previous highs in a while.

Risk Reward Ratio pretty decent with a rate of 2,48!
Stop-Loss is set a few pips below the corridor/previous lows.

If the price level returns again to the bottom of the corridor you could buy again for a better Risk Reward Ratio. Waiting to enter at a lower price level containts the risk of missing the breakout.
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