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.
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.
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.
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.
Comment:
Textbook trade this one so far. Rebounded exactly as expected and looking for further upside towards the previous high.
However both are downtrending again.
Looking for a retest with possible double bottom before executing a long position.