GBPJPY Long
Direction: - This pair was midway through a Bearish Cycle on the H1, however it was expected to reset and rise into a Bullish Cycle due to correlations with other pairs such as GBPUSD.
- Low was held on the H1 for 3 days, so even if trend was going to continue being Bearish, a counter-trend would still give a considerable amount of pips for me if a pattern formed at the low.
- After I caught this trade to TP 3, this pair entered a Bullish Cycle.
Entry: - W (Double-Bottom) pattern formed at the low of the day. This low was held for over 90 minutes, so price action indicated it was not going to be broken. Additionally, the pins to that low indicated it was not going to get broken.
- Shark-fin appeared on the pattern (RSI crossed back into the volatility bands), indicating a rise.
- H1 MBL (Market Base-Line) on TDI was pointing up, indicating a rise.
Exit: - SL @ 23 pips (just below YL), just in case they come to hit YL (Yesterday's Low) before rising.
- TP 1 @ 50 pips (just below YH).
- TP 2 @ 87 pips (just below 800 EMA), which may be a resistant point.
- TP 3 @ 114 pips, when RSI crosses back over the Signal Line, which indicates an exit.
Direction: - This pair was midway through a Bearish Cycle on the H1, however it was expected to reset and rise into a Bullish Cycle due to correlations with other pairs such as GBPUSD.
- Low was held on the H1 for 3 days, so even if trend was going to continue being Bearish, a counter-trend would still give a considerable amount of pips for me if a pattern formed at the low.
- After I caught this trade to TP 3, this pair entered a Bullish Cycle.
Entry: - W (Double-Bottom) pattern formed at the low of the day. This low was held for over 90 minutes, so price action indicated it was not going to be broken. Additionally, the pins to that low indicated it was not going to get broken.
- Shark-fin appeared on the pattern (RSI crossed back into the volatility bands), indicating a rise.
- H1 MBL (Market Base-Line) on TDI was pointing up, indicating a rise.
Exit: - SL @ 23 pips (just below YL), just in case they come to hit YL (Yesterday's Low) before rising.
- TP 1 @ 50 pips (just below YH).
- TP 2 @ 87 pips (just below 800 EMA), which may be a resistant point.
- TP 3 @ 114 pips, when RSI crosses back over the Signal Line, which indicates an exit.