mrshed
Long

GBP/JPY Long on daily

FX_IDC:GBPJPY   British Pound / Japanese Yen
Anticipating an upward move on GBP/JPY towards R2 at 154 mark over next fortnight.

Pivot and fib retracements aligning around 146.857 mark, with upward trending 50EMA likely to provide further resistance.

Will look for a test and rejection at this level then enter a long position with a stop loss below the 618 retracement and EMA .

Do however need to look at the bearish RSI , but this alone wont prevent a trading opportunity for me.
Oct 02
Comment: M60 and M30 have both clearly tested and rejected the 236 fib.

However both are downtrending again.

Looking for a retest with possible double bottom before executing a long position.
Oct 02
Trade active: OK so I've entered this trade now. Short time frames (M5 and M15) have both had a double bottom so I am using this as my entry point for reversal.

Only looking to target previous high at this point at 149.114 and stop loss below the pivot.

I may end up trailing this stop and increasing the TP level if the trade is particularly bullish.
Oct 03
Comment: Textbook trade this one so far. Rebounded exactly as expected and looking for further upside towards the previous high.
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