This is my analysis and trading plan on GBPJPY i'm looking to long/buy from the 61.80 FIB retracement where the buy zone is indicated with several confirmations.
1. First confirmation will be it's movement down to the area of resistance to form a double top which is yet to form indicating a clear reversal sign with the two red arrow and fib rejection of 0.00 going for a short/sell down to 61.80 FIB to find a support and that is the second touch on the bullish trend line indicating a clear reversal sign with the two green arrow and price will push up from there.
2. Second confirmation, the trend is bullish so i patiently wait for my analysis to play out giving me a clear and strong confirmation to buy/long.
RISK/REWARD RATIO @ 1:7
STOP LOSS @ 200 PIPS
TAKE PROFIT 3 @ 1534 PIPS
I welcome all comments, feedback, ideas and sharing of knowledge.
Have a great trading week!
Disclaimer: (This is for educational purpose only. Thank You.)
1. First confirmation will be it's movement down to the area of resistance to form a double top which is yet to form indicating a clear reversal sign with the two red arrow and fib rejection of 0.00 going for a short/sell down to 61.80 FIB to find a support and that is the second touch on the bullish trend line indicating a clear reversal sign with the two green arrow and price will push up from there.
2. Second confirmation, the trend is bullish so i patiently wait for my analysis to play out giving me a clear and strong confirmation to buy/long.
RISK/REWARD RATIO @ 1:7
STOP LOSS @ 200 PIPS
TAKE PROFIT 3 @ 1534 PIPS
I welcome all comments, feedback, ideas and sharing of knowledge.
Have a great trading week!
Disclaimer: (This is for educational purpose only. Thank You.)