OANDA_Australia

GBPJPY Long - Trade entry explained from recent post

OANDA:GBPJPY   British Pound / Japanese Yen
We are updating the bullish trade idea we posted on GBPJPY on the 9th September 2020, price came right to this level and started to bounce higher.

As we mentioned in the original post, if price dropped to this level we wanted to go down to our lower time frames and look for additional confirmation for a bullish trading opportunity which occurred nicely.

As you can see from the 15 Minute chart we have zoomed in on the price action to see more detail and how we would look to enter the trade by being patient and waiting for price show us it could move higher.

We saw two bullish price patterns form right at the level, the first one being a bullish 3 drive pattern and right after that a bullish reversal head & shoulders followed.

Once the 3 drive pattern completed right at the level we posted previously about, we drew an inner diagonal trend line in pink and waited for this to break as our means for execution in the hope that price would rise.

Once we entered the trade our stop loss would go just below the 3rd and final drive low protecting you from having the need for a larger one. On the upside price has already made an intraday high around the 136.23 level allowing a possible 50 pips to manage a profitable trade or giving you the ability for a percentage scale out depending on your trading style.
Trade active: Quick update, price has now reached an intraday high of 136.59 from our entry.
CFDs are complex financial products and come with a high risk of losing money. 76.8% of retail client accounts lose money trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Comments

Great analysis
Reply
well done
Reply
thanks for sharing
Reply
Nice work.But try little bit hard
Reply
Solid work !. Thanks mate.
Reply
This is good 👍
Reply
I disagree... GBP is too weak
Reply
Thanks for sharing
Reply
Good trend reversal point. Perfect elliot wave from 10:30 to 19:30. A,B,C already formed. Reversal is 99% chance.
Reply
good job
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out