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Mr.Pip
Mar 25, 2020 5:12 AM

GBPJPY Trade #45 Long

British Pound/Japanese YenFXCM

Description

Personally I am not taking this trade; however I would like to see the outcome of my analysis. Looks like a pretty simple setup.

-Trendline retest (3x) confirmation
-Weekly rejection candle
-Would enter at the .50 fib retracement
1:3 Risk/Reward (Conservative)

This is a counter trend trade on the weekly time frame. The higher the timeframe the better the odds. Zoom out for a clearer picture.

Comment

Move stop via weekly to take some risk off of the table.

Comment

TIP: It's a good practice (at least for me) to enter a power candle via .50 fib just like a rejection candle entry. Could have saved us/you 9 weeks of time in a trade like this. Long term view though so patience is key.
Comments
TSA_TimeSpaceAlgorithm
I'm so glad to hear from you. Your teachings changing my life. I'm still trying to master order flow though lol
Dave-FX-Hunter
Interesting analysis. check my profile.
Mr.Pip
@DaweFXHunter, Awesome analysis!
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