GBPJPY-convergence divergence setup near 195.000
Trading this pair is very tricky. I posted a long term setup but this is my alternate plan using one of my favorite setups : convergence divergence combination on D1 and H4 charts:
1) after a clear rally price makes it first convergence on D1 chart.
2) then price makes a correction forming a divergence on H4 Chart (shown below).
We can see also the 0.8860 fib level at that area.
This setup is very reliable and offers a R/R ratio at least 1:2
Best regards
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome.
We all are here to learn sharing ideas, have fun and improve our performance.
1) after a clear rally price makes it first convergence on D1 chart.
2) then price makes a correction forming a divergence on H4 Chart (shown below).
We can see also the 0.8860 fib level at that area.
This setup is very reliable and offers a R/R ratio at least 1:2
Best regards
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome.
We all are here to learn sharing ideas, have fun and improve our performance.