i am going long to 139.755 from ther i sell down to 137.77
Bboyxan
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@lozica, I agree with you. I have my trading rules and I am going to left the trade to the first resistance and then maybe close half of the trade and on the open half set sl on entry price and tp before second resistance on 139.7 just like you.
Only_One1
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I believe a stronger support level would be between 138.200 and 138.000. Can you tell me why you chose to go long?
Bboyxan
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@Only_One1, Hello, thanks for your reply. I choose long because of three things that tells me that, which are that the price came to the 1H trend line and at the support level at the same time. The 3rd reason is MACD indicator which helps me when that type of setup actually happens. Very important thing is here good Risk/reward ratio. That helps a lot with staying in green numbers overall. In this case is Risk-reward ratio 3,67.
I hope that helps you.
Why do you think the strong support will be between 138.200 and 138.000?
Only_One1
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@Bboyxan, I back test GBPJPY and I have seen a lot of consolidation and retest in that specific area since March 1st 2020. I believe without heavy fundamentals pushing bullish momentum there will be consolidation then a move.
Bboyxan
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@Only_One1, Okey thanks for the information. I'll pay attention to that.