I see a trade on this exotic pair. I am highlighting an entry method I use to find entries and exits of sound setup patterns using Japanese Technical Analysis .
1% Risk - 2:1 RR
GBPTRY completed its downward movement inside the descending channel since June 2021 and is now bouncing back.
50 SMA is about to cross upwards 200 SMA, which will be the confirmation for further upward move.
The price is rejected by support 11.7160 and Bollinger band suggests buying from here. The final target is 12.0000
GBPTRY on the 4h chart after the recent impulse retraced at the 0.5 Fibonacci level.
The market starts to consolidate ove a minor support and according to Plancton's strategy if the price will break above we will set a nice long order
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Follow the Shrimp 🦐
Keep in mind.
• 🟣 Purple structure -> Monthly structure.
• 🔴 Red structure -> Weekly structure.
• 🔵 Blue...
Why? Bb bands says double top. As the second top failed to reach the upper hand showing less volatility than the first leg. It’s a long drop . Let’s see how far it goes those. WHY? TBH THIS pair is the most abused currency lol 😂 It’s like BTCUSD every one wants to long it 🤫 but let’s see how many sl we can hit 😃
