0207 GBPJPY wkly plan sidways bfore new high
Hello traders,
GBPJPY made a good trade for us last week with Reward to risk rate higher than 4.
2906 GBPJPY broken channel for sellers with RR>4
Just a simple broken channel strategy.
Now taking back wkly chart to review, this pair's price action just a simple sideways movement above wkly EMAS. It would finish sideways on wkly chart soon to make a wkly breakout to new high, up to 173.30.
The big pic ABC wave (orange) on wkly chart and the purple ABC wave on 4H chart are different. They provide different idea to trade.
On wkly chart, you should wait for a breakout signal to follow buy.
On 4H chart, you can buy when price pull down to make a correction, and target resistance zone . After breaking the resistance zone , you can follow the idea on wkly breakout strategy to trade.
So your trading timeframe will define your trading timing.
Anyway, I would prefer to buy this pair next week and make 4H plan first.
Good luck!!!
LESS IS MORE!
GBPJPY made a good trade for us last week with Reward to risk rate higher than 4.
2906 GBPJPY broken channel for sellers with RR>4
Just a simple broken channel strategy.
Now taking back wkly chart to review, this pair's price action just a simple sideways movement above wkly EMAS. It would finish sideways on wkly chart soon to make a wkly breakout to new high, up to 173.30.
The big pic ABC wave (orange) on wkly chart and the purple ABC wave on 4H chart are different. They provide different idea to trade.
On wkly chart, you should wait for a breakout signal to follow buy.
On 4H chart, you can buy when price pull down to make a correction, and target resistance zone . After breaking the resistance zone , you can follow the idea on wkly breakout strategy to trade.
So your trading timeframe will define your trading timing.
Anyway, I would prefer to buy this pair next week and make 4H plan first.
Good luck!!!
LESS IS MORE!
