Fxprotrader
Long

GBPJPY: That Would Be A Great Setup

FX:GBPJPY   British Pound/Japanese Yen
382 0 11
Although it's obvious we are in a long term downtrend based on how structure develops we may have a very nice buy setup very soon. Price reversed almost immediately after a sharp drop to the down, and is now consolidating above both the slide parallel and the upper quartile of the median line. What i will be looking is the end of this consolidation to go long. Price may rally from the current level but i will only get involved if i see it retracing into a correction at the slide parallel, only because i will have a much better risk/reward ratio setup. As a tp a will aim for the upper parallel of the set
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