Per attached daily chart of GbpJpy, I except the following to happen rest of July with price action.
1) Price will reverse from this weeks bearish trend back upwards, for rest of month.
2) Once price action hits 152.000 in buy trade (green line)
3) Initial stop will be 151.000 (red line), once buy trade is triggered (that is 100 pips, so manage risk with lower lot size, if needed and risk for this trade.
4) Target or profit for this trade is 1st at 153.500 (yellow line) and 2nd 154.500 (yellow line) or from 150 pips to 250 pips
5) This trade once activated will be a Set It and Forget It trade with a 1: 1.5 to 1: 2.5 risk and reward or 100 pip stop vs 150 to 250 pip target.
This trade was done related to pivot points, fib ret tool ( over price action), support, trend lines which support this trade for rest of July.
*Good luck and Good trading..
1) Price will reverse from this weeks bearish trend back upwards, for rest of month.
2) Once price action hits 152.000 in buy trade (green line)
3) Initial stop will be 151.000 (red line), once buy trade is triggered (that is 100 pips, so manage risk with lower lot size, if needed and risk for this trade.
4) Target or profit for this trade is 1st at 153.500 (yellow line) and 2nd 154.500 (yellow line) or from 150 pips to 250 pips
5) This trade once activated will be a Set It and Forget It trade with a 1: 1.5 to 1: 2.5 risk and reward or 100 pip stop vs 150 to 250 pip target.
This trade was done related to pivot points, fib ret tool ( over price action), support, trend lines which support this trade for rest of July.
*Good luck and Good trading..
Trade closed manually:
PA hit entry on Thursday into today, got out with a little profit, but I do not hold any trades thru weekend.