GBP/JPY Long Opportunity...Triple Bottom...Channel Break
GBP/JPY has provided some incredibly easy trading opportunities over the past couple of weeks and it's time for another one.
Unfortunately I wasn't home when it hit the bottom of the channel earlier so I missed out on 150+ pips but it is what it is.
Currently, there is a triple bottom on the 4 hour as well as a close above the descending channel/flag. The Daily candle also closed above the previous day for the first time in a while and it closed above the channel as well.
I got an entry at about 148.7, right after a re-test of the channel on the 1 hour chart (since the 1 hour chart highly respected this channel as well with only 1 false breakout) and have since set my stop loss to break even and I will let this ride to around 150.
If price comes back down to re-test the channel I will look to see how price reacts there and while my bias at the moment would be a long, I will consider taking a short if price falls back inside the channel.
FOLLOW ME!
Tell me what your analysis is on G/J in the comments section below.
Unfortunately I wasn't home when it hit the bottom of the channel earlier so I missed out on 150+ pips but it is what it is.
Currently, there is a triple bottom on the 4 hour as well as a close above the descending channel/flag. The Daily candle also closed above the previous day for the first time in a while and it closed above the channel as well.
I got an entry at about 148.7, right after a re-test of the channel on the 1 hour chart (since the 1 hour chart highly respected this channel as well with only 1 false breakout) and have since set my stop loss to break even and I will let this ride to around 150.
If price comes back down to re-test the channel I will look to see how price reacts there and while my bias at the moment would be a long, I will consider taking a short if price falls back inside the channel.
FOLLOW ME!
Tell me what your analysis is on G/J in the comments section below.
