Here on the GBPJPY we have a very big triangle pattern that appears to be breaking out. No if you don't trade breakouts, missed the breakout or just want a little more confirmation, you can wait for a pullback and then enter on a simple trend continuation style trade. Now minimum stops need to be above the previous swing high, and you can take targets a multitude of different ways. Even with the conservative targets I have here on the chart, you are still looking at more than 500 pips of potential profit. Now the risk:reward ratio is still very good, but make sure this meets your risk profile, because GBPJPY has a high ATR and it can have some massive stops.
If you would like to see the video I just put out on this setup along with a couple of other potential setups, here is the link:https://youtu.be/UOt2yq-Aiag
As always,
Good luck and good trading.
If you would like to see the video I just put out on this setup along with a couple of other potential setups, here is the link:https://youtu.be/UOt2yq-Aiag
As always,
Good luck and good trading.