tonyferrino

pipin bar set up in gbpjpy

Long
FX:GBPJPY   British Pound / Japanese Yen
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1
The previous 1 hour bar in gbpjpy formed a pin bar , which looks bullish . You have two entry points in the body of the pin between 137.77 to 137.82 owith a stop say 5/10 ticks below the low of the pin bar at 137.59. Alternatively wait for a close above the high of the pinbar at 137.845 and use it as a long and look for an extended high of 1.618% retracement at 138.13. Also to note the pinbar retarced almost 50% fibonacciof the move from 137. 05 to todays high of 138.27. Good risk reward .......