LONG GBP?JPY. Wait for Comfermation
Main trade
We are looking for this uptrend to continue. We need to wait for confirmation before we get into this trade. Once price closes above our resistance line at 151.158 and retest it as a support. this is our confermation and time to enter trade.
Short term trade
In the main trade we are waiting for the resistance line to be broken. In the short term price is either going to bounce of the upward trend line or test support. If price continues downward we can look for an entry around 151.262. Set your stops tight on this trade as we are looking for the long term continuation. If price is bouncing off the trend line they be patient and wait for our main trade entry point.
Entry - 151.262 "Only if price continues down to Support"
Stop - 149.848
TP1- 151.500 MOVE YOUR STOP TO BREAK EVEN
TP 2 - 153.991
Watch for volatility around news events Tomorrow ( japan PMI..Low impact) and Tuesday ( GBP net consumer credit, Money supply, Mortgage approvals, secured lending and manufacturing PMI) keep your calendars open, Positive news any these reports will help Price move up quickly.
Good Luck!
We are looking for this uptrend to continue. We need to wait for confirmation before we get into this trade. Once price closes above our resistance line at 151.158 and retest it as a support. this is our confermation and time to enter trade.
Short term trade
In the main trade we are waiting for the resistance line to be broken. In the short term price is either going to bounce of the upward trend line or test support. If price continues downward we can look for an entry around 151.262. Set your stops tight on this trade as we are looking for the long term continuation. If price is bouncing off the trend line they be patient and wait for our main trade entry point.
Entry - 151.262 "Only if price continues down to Support"
Stop - 149.848
TP1- 151.500 MOVE YOUR STOP TO BREAK EVEN
TP 2 - 153.991
Watch for volatility around news events Tomorrow ( japan PMI..Low impact) and Tuesday ( GBP net consumer credit, Money supply, Mortgage approvals, secured lending and manufacturing PMI) keep your calendars open, Positive news any these reports will help Price move up quickly.
Good Luck!