moneymaking
Long

GBPJPY: BUYING OPPORTUNITY AT CRITICAL SUPPORT LEVEL ON DAILY !!

FX:GBPJPY   British Pound/Japanese Yen
Hello Traders,

This is a simple price action based long trade setup in FX:GBPJPY             on daily time frame. As we can see the 184.230 level has been tested and respected by the market on several occasions (marked by blue boxes). The amount of re-tests this level has gone through signifies the importance of this level. Thus after getting today’s daily candle close back above this critical level, signals the presence of buyers at this level. Buying at this level allows us to keep our risk at minimum, while targeting for larger profits; which is twice as much for the first target.

Below you see the whole summary of the trade setup, which is also illustrated on the chart above.

Long Trade Setup Summary:

Entry: Buy Limit @ 184.230
Stop loss: 183.40 (36 pips below today’s daily candle lows)
Target #1: 185.911 (closing price of recent high candle)
Target #2: 186.991 (127.2% Fib extension level from recent lows to recent highs)

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)

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Comment: UPDATE #1: Just wanted to mention, the market has also recently re-tested the strong weekly upward trend line as well.

snapshot
Trade active
Trade closed: stop reached: UPDATE #2: Stop loss reached. Waiting for today's daily close below the 184.23 level. All positions are now closed.
Good chart. Same analysis and in trade @184.36.
+1 Reply
Hey mate, thank you. Appreciate it. All the best :)
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