UnknownUnicorn772665

GBPJPY Long Trade - *FIBONACCI & TRENDLINE BOUNCE*

Long
OANDA:GBPJPY   British Pound / Japanese Yen
Here we have a simple 4hr trend continuation trade on GJ.

Price has made higher highs and lows on the 4hr timeframe and has now broken a descending bearish trendline . I will be looking to go long on the next 4hr higher low which lines up with a trendline bounce.

Fib 0.618 lines up with both trendlines intersecting so this could be a high probability set up. There is also the 4hr 50ema in that region acting as an extra support.

Profit target is set just below the Fibonacci 1.618 extension level at 148.500

This gives a trade R:R of over 5:1
Trade active: Long position executed at 145.819
Trade closed manually: Moved stop loss to breakeven when the trade was 50 pips in profit. Price then reversed to take me out for zero loss, zero profit