GBPJPY - Possible Swing trade 1:4.5 RR

FX:GBPJPY   British Pound / Japanese Yen
First impulse 373 pips for 7 trading days starting from 151.42 to 155.15
Descending channel correction price closed at 61.8 retracement of impulse move(151.42 - 155.15), price test the 61.8 forming a double bottom (152.78)
A bounce back on 61,8 retracement/ double bottom destroying the descending channel (110.5 pip) afterwards price again retrace hold at 61.8 retracement (153.12) then the same as the major correction price break the small descending channel correction(60 Pips) price tried to retest support at the same time 50% retracement of the moved

Risk Management - Entry and Exit (long)
Aggressive SL: below 61.8 Retracement 153.16 - 26.1 pips
Conservative SL: 152.98 below 61.8 retracement and psychological level 153.000 - 40 pips
Possible entry at 50% retracement (@153.39)
first target reward(resistance) @153.68 1:.8 RR +28 pips
second target reward/resistance @153.93 1:1.5RR +55pips
third target long term - symmetrical triangle @154.50 1:3 RR +113 pips
final target @155.00 1:4.5 RR +171 pips

this is my first publish idea so sorry if I can't explain my thought well

follow and subscribe for future technical analysis


Like and Share! thank you for your support