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TheAnonymousBanker
Nov 12, 2023 4:14 PM

GBPJPY: Trend is still bullish Long

GBP/JPYOANDA

Description

From a technical point of view, the trend is bullish on intraday chart, and OANDA:GBPJPY pair could trigger another bullish leg in the short term. If we look on 1H chart, the price remains within a narrow trading range, and this means volatility compression. In this technical context, if the price remains above 184.552 a breakout on the bullish side should be logical. If this happens, we will need to look for potential Targets and in this case the formation of a Harmonic Pattern could help us. If we look at the harmonic structure (for us it's bullish) in the window, we see 2 Targets: 186.34 and 186.83.

HARMONIC PATTERN ZOOM
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TRADING STRATEGY
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If this analysis is correct, wait for the completion of wave 1 and try to take a long position on retracement, with stop loss below wave 1 or better below 184.552


Trade with care
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Comment

🔴 Double Top Pattern or Bullish Breakout?

Comment

🔴 Bullish Breakout

Trade closed: target reached

Target 1 hit.


Comment

🔴 Trend is still bullish
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Trade closed: target reached

🚀 Target 2 hit
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Comment

🔴 Trend is bullish
Comments
Ochlokrat
Like your idea. Follow the money.
TheAnonymousBanker
@Ochlokrat, 👍🤞
Forex48_TradingAcademy
Your setup is perfect, thanks for your work!
TheAnonymousBanker
TheGrove
excellent analyst
TheAnonymousBanker
@TheGrove, Thank you! 👍
MyCryptoParadise_Nathan
Thanks for helping us navigate the markets!
TheAnonymousBanker
BiBiForex
Great Stuff!
TheAnonymousBanker
@BiBiForex, 👍👍👍
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