Upon observing GBPJPY I have Noticed the over all bearish activity. and also how much bullish activity that played apart in its price action progression. The descending wedge pattern being formed may be approaching a breakout.
As illustrated, i was created a "ejection box". If price action enters and closes within this box. It could have some time to gear up some buying pressure using the previous resistance as support.
If follows, will then again make attempts to break the box, ultimately creating a "buy the breakout" scenario.
Entry- 140.200 SL- 140.100 TP- 140.500
Entry- 140.200- SL- 140.000 TP -140.800
As illustrated, i was created a "ejection box". If price action enters and closes within this box. It could have some time to gear up some buying pressure using the previous resistance as support.
If follows, will then again make attempts to break the box, ultimately creating a "buy the breakout" scenario.
Entry- 140.200 SL- 140.100 TP- 140.500
Entry- 140.200- SL- 140.000 TP -140.800
Trade active:
Break box with full extension right into the "ejection box"
Trade closed: target reached