GBPJPY Support and Resistance Trading Strategy

STRATEGY: S&R Trading Strategy
ID: 1209

• Analysis TF: 1D
• Focus TF: 1H
• AOV: Minor Resistance Area
• ET (1H): Bearish Engulfing
• CP: Ascending Channel

1D Analysis
MS: Sideways - Price is moving in a range

1H Analysis:
CP: Ascending Channel - Price is moving inside the Ascending Channel. However, price failed to break above minor resistance of 140.597. It also looks like price made a pullback under the Ascending Channel.
Price closed with Bearish Engulfing which act as our Entry Trigger (ET).

Short Position
SL: Just above the Minor resistance (140.618)
TP: 2.19R - Just before Major Support




Note: This post is my personal journal/opinion only. Please trade at your own risk.

Trade active:

Price moved on our favor. Moved the SL to intentionally choke the price. Previous TP target might not get hit so I moved up the TP equal to the low of the latest pinbar as this is a sign of weakness.

Trade active:

Also added Trailing Stop = to new SL just to make sure.

Trade closed: stop reached:

Closing: TS got hit. Excellent Trade though! Thank you Lord!